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. Pablo Cisilino More Quotes by Pablo Cisilino More Quotes From 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. Pablo Cisilino company-news 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. Pablo Cisilino company-news In the short term this will increase uncertainty, impeachment is not something that happens overnight. It is a very long process. Pablo Cisilino company-news 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. Pablo Cisilino company-news
