Strong management team, with proven track record and commitment to the bank's sustainability due to partnership model Strong position in the Brazilian investment banking industry Moderate risk based capitalization Like other investment banks, sensitive to franchise and investor confidence risks Exposed to reputational and operating risks common to all banks in the industry The CreditWatch developing placement reflects the ratings impact following BTG's the acquisition of BSI, a Swiss private bank that Assicurazioni Generali (Generali) indirectly owns and our assessment of BTG's anchor, capital and earnings, and business positions. We could raise the rating on BTG if we revise the bank's anchor upward because we believe exposures in Switzerland represent more than 25% of total exposures, if investment banking activities
