Fitch ups Banco Panamericano

Fitch Ratings said it upgraded Banco Panamericano SA's long-term national rating to AA-(bra) from A-(bra) and the short-term national rating to F1+(bra) from F2(bra).

The outlook is stable.

The upgrade reflects Banco BTG Pactual SA's (BBB-/stable) support as well as the benefit of having Caixa Economica Federal (AAA(bra)/stable) as shareholder and main funder, after final approval of Banco Panamericano's current shareholding composition by the Brazilian authorities, the agency added.

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