Strong market position in key sectors as a leading investment bank in Brazil; and Good risk-management track record. Moderate risk-based capitalization; Like other investment banks, sensitive to franchise and investor confidence risks; and Exposed to reputational and operational risks common to all banks in the industry. The stable outlook on Brazil-based investment bank Banco BTG Pactual S.A. (BTG) reflects our expectation that the bank will maintain moderate capitalization, and its international business will represent less than 30% of revenues over the next two years. We also expect BTG to continue to demonstrate good risk management, mitigating its exposure to reputational, operational, and market risks. We could raise our ratings on BTG if we raise the bank's stand-alone credit profile (SACP)
