| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers B > Headlines for Brazilian Finance & Real Estate SA > News item |
Fitch reviews BFRE
Fitch Ratings said it affirmed the ratings of Brazilian Finance & Real Estate SA, Banco Panamericano SA and Banco BTG Pacual SA and placed Brazilian Finance & Real Estate's ratings on Rating Watch positive.
The agency affirmed Brazilian Finance & Real Estate's foreign- and local-currency long-term issuer default ratings at BB-, foreign- and local-currency short-term ratings at B, national long-term rating at A-(bra) and national short-term rating at F2(bra).
Fitch affirmed Panamericano national long-term rating at AA-(bra) with a stable outlook and its national short-term rating at F1+(bra).
The agency affirmed BTG Pactual's foreign- and local-currency long-term issuer default ratings at BBB- with a stable outlook, foreign- and local-currency short-term rating at F3, national long-term rating at AA(bra) with a stable outlook, national short-term rating at F1+(bra) and senior notes due 2016 at BBB-.
The rating actions follow the announcement of Brazilian Finance & Real Estate's proposed sale to Banco Panamericano and Banco BTG Pacual.
Fitch expects that upon completion of the proposed acquisition, BFRE's ratings will be upgraded because it will become a fully owned subsidiary of Panamericano. Panamericano's ratings, in turn, reflect the support from its controlling shareholder, BTG Pactual, the agency said.
BTG Pactual's ratings reflect its strong franchise as a investment bank in Brazil, success in developing activities, high-quality and experienced executives, strong risk controls and recurring earnings flow, Fitch said.
However, the ratings are constrained by limited though increasing balance sheet and revenue diversification, the agency added.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.