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 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 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 company-news
