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S&P gives Banco BTG Pactual notes BB-
S&P said it assigned its BB- issue-level rating on Banco BTG Pactual SA’s proposed senior unsecured notes of $500 million - $1 billion due 2025. The offering, which will be through the bank’s Cayman branch, is part of the bank’s $5 billion global medium-term notes program.
“Our rating on the proposed notes reflects their pari passu ranking with the bank’s other senior unsecured debt obligations. As a result, the rating is the same as the long-term issuer credit rating on BTG Pactual. The notes will constitute 2.5%-4.5% of the bank’s total funding base. In our view, this issuance doesn’t change our view of the bank’s funding profile and this doesn’t increase refinancing risk,” said S&P in a press release.
Proceeds will be mostly used for general corporate purposes.
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