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Fitch upgrades Pactual
Fitch Ratings said it upgraded Brazil-based Pactual Overseas Corp.'s foreign- and local-currency issuer default ratings to BB+ from BB and support rating to 3 from 4 and affirmed the short-term foreign- and local-currency ratings at B.
The agency also upgraded the ratings of Pactual's parent, Banco UBS Pactual SA, including its foreign-currency issuer default rating to BB+ from BB.
The Rating Watch positive was removed and stable outlooks were assigned to the issuer default ratings.
The upgrade follows the successful closing of the sale of 100% of Banco Pactual to UBS AG and reflects the support benefit that the new shareholder should provide for Pactual and Banco UBS Pactual, the agency said.
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