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S&P upgrades BTG Pactual as liquidity steadies

S&PGlobal Ratings on Sept. 28 upgraded the ratings of following areassessment of the bank's liquidity position to moderate from weak.

S&P raisedits long-term global scale issuer credit rating on the bank to BB- from B+ andits national scale credit issuer credit ratings to brA-/brA-2 frombrBBB-/brA-3. The rating agency also affirmed its B global scale short-termrating on the bank and removed all ratings from CreditWatch negative. Theoutlook is negative.

The bankhas been able to shore up its liquidity since the arrest of former Chairman andCEO André Esteves, S&P said, noting that the bank is now in a soundposition to meet its short-term obligations.

"On aconsolidated basis, which includes the bank's Swiss subsidiary (), BTG has maintainedsound liquidity metrics with broad liquid assets to short-term wholesalefunding above 2.0x," S&P said in a statement. "On a stand-alonebasis, we believe that the bank has enough available cash and money marketinstruments to cope with its obligations for the next 12 months even in ascenario of stress."

Otherfactors contributing to the ratings assessment of the bank include an adequatebusiness position, adequate capital and earnings, moderate risk position, andbelow-average spending.

Meanwhile,the negative outlook reflects S&P's view of the negative economic andindustry risk on Brazil. The rating agency noted that the bank's finances coulddeteriorate because of pressures on Brazil's banking system due to thesovereign's fiscal and monetary tightening. It also reflects a potentialweakening in the bank's business position if BTG fails to maintain stableoperating revenues.

S&P Global Ratings and S&P GlobalMarket Intelligence are owned by S&P Global Inc.