Brazil Continues To Top Risk/Reward Ratings; Peru Seen As More Risky Due To Political Uncertainty

There has been a limited amount of change in BMI's Latin America Risk/Reward ratings over the last quarter. Brazil continues to top the table, underlying the country's position as one of the world's most dynamic consumer markets (see first chart). In the last quarter we commented on the stellar progress of Peru, which had moved up to third place thanks to increased recognition of the country's immaturity and enormous potential. We suggested that Peru could soon surpass Chile as our second favourite Latin American market, but Peru's elections are acting as a significant test of this proposition, with left-wing candidate

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