Fitch Ratings on June 5 affirmed and withdrew the ratings of three fully owned subsidiaries of Banco Pan SA.

The entities have chosen to stop participating in Fitch's rating process, the rating agency said.

The affected ratings include Brazilian Finance & Real Estate SA, Brazilian Mortgages Companhia Hipotecaria and Brazilian Securities Companhia de Securitização's long-term foreign and local currency issuer default ratings at BB-, with a negative outlook; short-term foreign and local currency issuer default ratings at B; long-term national ratings at A+(bra), with a stable outlook; and short-term national ratings at F1(bra).

Fitch noted that Banco Pan continues to participate in its rating process and the bank's ratings continue to be fully monitored by the rating agency.