Brazilian assets are likely to see further downside over the coming months due to a poor political outlook that will weaken growth prospects. This will reflect a repricing of assets in light of the diminishing prospects for pension reform, uncertainty over the outcome of the 2018 election and weak near-term growth.
Political turmoil, deep public sector budget cuts and economic weakness will continue to dampen construction activity in Brazil over the coming 12 months, prompting a further downgrade in our growth expectations for 2017 and 2018. Private investment into existing brownfield assets will remain elevated, however, greenfield construction intensive projects will remain unattractive given a lack of...
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