Moody's assigns Baa3 to BTG Pactual notes

Moody's Investors Service said it assigned a Baa3 foreign currency debt rating to the proposed senior unsecured notes to be issued by Banco BTG Pactual SA, acting through its Grand Cayman Branch.

The notes will be denominated in yuan and due in March 2016.

The proposed notes are being issued under the existing $3 billion global medium-term note program, rated provisional Baa3.

The outlook is stable.

The agency explained that the foreign currency senior unsecured debt rating derives from BTG Pactual's Baa3 global local currency deposit rating, which, in turn, derives from the bank's standalone bank financial strength rating of D+.

The rating is not lifted by systemic support considerations because of BTG's modest share of the deposits market in Brazil, Moody's added.

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