Brazil's BTG loses investment grade rating
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Sao Paulo
MOODY'S Investors Service stripped Brazil's troubled Banco BTG Pactual SA of its investment-grade rating on Tuesday as confidence in the investment bank's future and its bonds slumped following the arrest of its founder André Esteves in a corruption probe.
Moody's downgraded BTG two notches to BA2 from BAA3 because of the challenges the bank faces to maintain its liquidity in the wake of the arrest of its former chairman and CEO, the rating agency said.
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