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S&P lowers Banco BTG Pactual
Standard & Poor’s said it lowered the long-term global scale issuer credit rating to BB- from BB and the long-term national scale credit rating to brA- from brAA- on Banco BTG Pactual SA.
The agency also said it affirmed the B global scale short-term rating on the bank and lowered the national scale short-term rating to brA-2 from brA-1.
S&P also said it revised the CreditWatch implications to negative from developing.
The downgrades follow the revision of the bank’s liquidity position to weak from adequate since the arrest of the bank’s former CEO and chairman, the agency said.
The bank has a material liquidity gap in meeting its financial obligations in the next 60 days, unless it is able to sell assets or access credit facilities with Brazilian financial regulators, S&P said.
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