Strong management team, with a proven track record and commitment to the bank's sustainability due to partnership model; Leading position as the largest investment bank in Latin America, with a relatively diversified revenue profile; and Adequate capital position. Sensitive to investor confidence risks; Revenue concentration in investment banking activities, which are more volatile than the bank's other business lines; and Dependence on wholesale funding; The negative outlook on Banco BTG Pactual S.A. (BTG) for the next 12 months reflects our view of the negative economic and industry risk trend in our Banking Industry Country Risk Assessment (BICRA) on Brazil. We believe BTG's finances could deteriorate because of pressures on Brazil's banking system as a result of the sovereign's fiscal and
