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Fitch lowers outlook on Pan Seguros rating

FitchRatings on April 29 changed the outlook on PanSeguros SA's BBB+(bra) national insurer financial strength rating tonegative from stable.

Accordingto Fitch, the outlook revision follows parent company Banco BTG Pactual SA's recent agreement to sell its entire stake in the insurer to Frenchfirm CNP Assurances SA.

The agreementis subject to certain regulatory approvals.

Currently,BTG Pactual owns 51% of Pan Seguros, while CaixaEconômica Federal owns 49%, and its rating is based on potential supportto be provided by BTG Pactual if required, Fitch said.

Pan Seguros'portfolio of loan guarantees is not included in the deal and will be transferredto a new insurer to be created by BTG Pactual before the deal is closed, which shouldoccur in the first half of 2017, Fitch noted.