EFTA Document EFTA01381045

An S&P downgrade would push Brazil back into junk since the company rates the country BBB-, one level below Moody's. "Brazil sticks out like a sore thumb in terms of its perceived riskiness, and its creditworthiness is set to deteriorate further in the coming months because of the plethora of domestic and external vulnerabilities," Nicholas Spiro, a managing director at advisory firm Spiro Sovereign Strategy, said by e-mail from London. For Related News and Information: One Scandal, Two Presidents and a Wall of Worry for Brazil Bad-Luck Month of Brazil's `Mad Dog' Menaces Rousseff Rule Top Stories:TOP<GO> To contact the reporters on this story: Paula Sambo in Sao Paulo at or ; Julia Leite in New York at or lao contact the editors responsible for this story: Brendan Walsh al or Melinda Grenier at Lester Pimentel, Bradley Keoun or This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. My unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacationegmail.com and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0079778 CONFIDENTIAL SONY GM_00225982 EFTA01381045