We are affirming our 'BBB-/A-3' global scale and our 'brAA+/brA-1' national scale issuer credit ratings on Brazil-based investment bank BTG. The stable outlook reflects our expectation that BTG will continue to demonstrate good risk-management strategies and no material increase in its risk appetite. Its risk-adjusted capital and earnings should remain adequate, and funding and liquidity risks will be satisfactorily managed. On March 18, 2013, Standard&Poor's Ratings Services affirmed its 'BBB-/A-3' global scale and 'brAA+/brA-1' national-scale issuer credit ratings on Banco BTG Pactual S.A. (BTG). The outlook remains stable. We based our ratings on BTG on its "adequate" business position and capital and earnings, "moderate" risk position, "average" funding, and "adequate" liquidity, as our criteria define these terms. Under
