OREANDA-NEWS. Fitch Ratings has affirmed Banco BTG Pactual S.A. (BTG Pactual) and its related entities' ratings and removed them from Rating Watch Negative. A Negative Outlook was assigned to Banco BTG Pactual, BTG Investments LP and BTG Pactual Holding S.A.'s Long-Term Issuer Default Ratings (LT IDRs). A Negative Outlook was also assigned to Banco Pan and its subsidiaries (Brazilian Finance & Real Estate S.A. [BFRE]), mirroring the outlook of its main source of support, Caixa Economica Federal (Caixa). At the same time, Fitch has affirmed BTG Pactual's national ratings at 'A-(bra)' and Pan's national ratings at 'A+(bra)'. A Stable Outlook was assigned to all National Long-Term Ratings.