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Fitch Downgrades Banco BTG Pactual S.A.; Outlook Stable.

Publication: Business Wire
Publication Date: 23-SEP-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
SAO PAULO & NEW YORK -- Fitch Ratings has downgraded the ratings of Banco BTG Pactual S.A. (BTG Pactual, formerly Banco UBS Pactual S.A. or UBS Pactual) and removed them from Rating Watch Negative. Fitch downgraded the bank's ratings following conclusion of its sale by UBS AG (UBS), to a partnership controlled by Andre Esteves, in September 2009. The latter is one of the former controlling shareholders of Banco Pactual S.A. (Pactual), before the latter was sold to UBS in 2006. Fitch has also assigned a Stable Outlook to the long-term Issuer Default Ratings (IDRs) and National ratings.

Fitch's rating actions on BTG Pactual are listed below:

--Long-term foreign currency IDRs downgraded to 'BB+', Stable Outlook, from 'BBB', Watch Negative;

--Short-term foreign currency IDR downgraded to 'B' from 'F2';

--Long-term local currency IDR downgraded...

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