While there have been some changes to BMI's Latin American Risk/Reward Ratings (RRRs) this quarter, these have occurred either at the top or the bottom of our ratings table, reinforcing a growing divergence in outlooks for countries like Brazil, Peru, and Colombia relative to the likes of Ecuador, Bolivia, and Mexico. While there is healthy competition amongst our highest rated countries, with Peru receiving the highest upstream rewards score, there is a race to the bottom taking place at the lower end of our ratings table. Indeed, growing political uncertainty, rising resource nationalism, and disappointing reform efforts continue to prevent significant improvement in the Risk/Rewards outlook for those at the bottom.
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