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S&P: Banco Pan on developing watch
Standard & Poor’s said it placed the BB/B global scale and brAA-/brA-1 national scale ratings on Banco Pan SA on CreditWatch developing.
The CreditWatch listing reflects similar action on Banco BTG Pactual.
Given that Banco Pan is a strategically important subsidiary to Banco BTG, its ratings should remain one notch below those on its parent and move in tandem with them, S&P said.
The ratings reflect Banco Pan’s BB- standalone credit profile and its strategically important status to Banco BTG, the agency said.
The assessment of its strategic importance is based on the bank’s close integration with its parent and a view that Banco BTG won’t sell the bank in the next 18 to 24 months, S&P said.
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