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Rating agencies' actions dominate headlines, not price action
Weekly investor research
02 March 2015
In a week with solid price action, rating agencies stepped into the spotlight with notable downgrades of Russian Debt, both
Sovereign and Corporate, as well as of Petrobras in Brazil. The market reaction was short lived, however. Prices appreciated in
most of the Emerging Markets (EM) hard currency universe which finished February in positive territory. We summarise events
in a range of EM countries, including a review of Brazil’s fiscal consolidation, Mexican labour market strength, India’s budget
and the Turkish central bank’s actions as well as finally seeing a little more clarity in the FOMC’s often cryptic communication.