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; and Adequate capital position. Ongoing changes in its business model transition reduces our ability to forecast the bank's future earnings; Revenue concentration in investment banking, which is more volatile than its other business lines; Dependence on volatile wholesale funding; and Like other investment banks, sensitive to franchise and investor confidence risks. The negative outlook on BTG for the next 12 months reflects our view of the negative economic and industry risk trends in our BICRA on Brazil. We believe BTG's credit fundamentals could deteriorate because of pressures on Brazil's banking system as a result of
