Fitch Affirms and Withdraws BTG Pactual Resseguradora's IFS Ratings

RIO DE JANEIRO & NEW YORK--()--Fitch Ratings has affirmed BTG Pactual Resseguradora S.A.'s (BTG Resseguradora) national and international Insurer Financial Strength (IFS) ratings at 'AA-(bra)' and 'BB+', respectively. At the same time the agency has withdrawn all the ratings.

At the time of the withdrawal, the Outlook for the ratings was Positive, which mirrored the Outlook on BTG Resseguradora's ultimate parent, Banco BTG Pactual S.A. (BTG Pactual; local currency long-term IDR 'BBB-'/Outlook Positive).

Fitch has withdrawn the ratings as BTG Resseguradora has decided to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings on the reinsurance company. Accordingly, Fitch will no longer provide ratings or analytical coverage for BTG Resseguradora.

Additional information available at 'www.fitchratings.com' or 'www.fitchratings.com.br'.

Applicable Criteria and Related Research:

-- 'Insurance Rating Methodology' (November 2013);

-- 'National Ratings Methodology' (October 2013);

-- 'Rating FI Subsidiaries and Holding Companies' (August 2012).

Applicable Criteria and Related Research:

Insurance Rating Methodology
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=723072

National Scale Ratings Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=720082

Rating FI Subsidiaries and Holding Companies
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679209

Additional Disclosure

Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=844474

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Primary Analyst
Esin Celasun, +55-21-4503-2626
Director
Fitch Ratings Brasil Ltda., Praca XV de Novembro, 20 - 401 B, Rio de Janeiro, RJ, Brazil
or
Secondary Analyst
Rodrigo Salas, +56 2 499-3300
Senior Director
or
Committee Chairperson
Franklin Santarelli, +1-212-908-0364
Managing Director
or
Media Relations, New York
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Esin Celasun, +55-21-4503-2626
Director
Fitch Ratings Brasil Ltda., Praca XV de Novembro, 20 - 401 B, Rio de Janeiro, RJ, Brazil
or
Secondary Analyst
Rodrigo Salas, +56 2 499-3300
Senior Director
or
Committee Chairperson
Franklin Santarelli, +1-212-908-0364
Managing Director
or
Media Relations, New York
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com