Banco BTG Pactual S.A. -- Moody's downgrades BTG Pactual's ratings; negative outlook

New York, March 11, 2016 -- Moody's Investors Service today downgraded Banco BTG Pactual S.A.'s (BTG) long-term global and national scale local-currency deposit ratings to Ba3 and A2.br, from Ba2 and A1.br respectively, its senior unsecured MTN program (foreign currency) rating to (P)Ba3 from (P)Ba2, and its baseline credit assessment (BCA) to ba3 from ba2. Moody's also downgraded the foreign currency senior unsecured debt and subordinated ratings assigned to Banco BTG Pactual S.A., Grand Cayman Branch to Ba3 and B1, from Ba2 and Ba3 respectively, as well as the Luxembourg Branch's foreign currency preferred stock non-cumulative debt rating to B3(hyb) from B2(hyb). At the same time, Moody's confirmed the long-term global foreign-currency deposit ratings of Ba3. The short-term global local- and foreign-currency deposit ratings of Not Prime were not affected by this action. In addition, Moody's placed a negative outlook on all ratings.

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