Pablo Cisilino

You have seen a lot of flows into hard currency (EM) funds and with the new economic team, Brazil is a positive story at the moment.

A month ago the possibility of an impeachment was very low...and all of sudden the game changes, anything that leads to a political resolution in Brazil is positive.

In the short term this will increase uncertainty, impeachment is not something that happens overnight. It is a very long process.

While it is true that a downgrade was priced in to a great extent, we still need to see clear indications of a turnaround in policies.

As much as the market has discounted some ratings action, longer term - if they don't find a political resolution - a downgrade to junk may be inevitable, so we are cautious about Brazilian assets at this stage.