Fitch Ratings on Feb. 22 upgraded Banco BTG Pactual SA's national ratings to A+(bra) from A(bra), pointing to "gradual but sustained improvements" to the bank's franchise and "decent credit metrics."

The upgrade also considers the bank's "tested and well proven historic earnings execution," as well as its internal capital generation, Fitch said. "Pressure on the bank's access to long-term funding has somewhat eased, although it has not fully rebounded to pre-crisis levels," it noted.

Fitch also raised BTG Pactual Holding SA's national ratings to A+(bra). The outlook for both entities' national ratings remains stable.

The national rating upgrades came as Fitch affirmed both entities' long and short-term foreign and local currency issuer default ratings at BB- and B, respectively, with a negative outlook that reflects Brazil's "still volatile operating environment and downside pressures at the sovereign rating level."