Carabobo, Tachira Win May Stunt Chávez's Revolution

As we expected, opposition candidates to Venezuelan President Hugo Chávez won the governorships of Carabobo and Tachira, giving them a total of five states and the Metropolitan Mayor post, versus 17 states for the Chavistas. The growing support for the opposition suggests that it will be difficult for Chávez to amend the constitution to run for indefinite re-election. However, we do not rule out the possibility of such an attempt in 2009. Our short-term political risk ratings could see some significant deterioration if Chávez attempts to push through his failed constitutional

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