A downgrade looks more likely than it did last week, the question is, if Turkey gets downgraded as a result of this instability does that affect the amount of financing available, and if so how does it affect the growth model? Kieran Curtis More Quotes by Kieran Curtis More Quotes From Kieran Curtis There is pent-up demand for exposure to China, but we are probably in a period when the world is happy not to hold too much of it, you get a pretty decent (bond) yield but people will be reluctant to pile in because of expectations of currency depreciation. Kieran Curtis company-news It will take a combination of weaker currency and higher interest rates to get us back to Nigeria, when we compare Nigeria to other oil exporters it hasn't had enough of a currency adjustment. Kieran Curtis company-news We expect trend weakness in Turkey though we wouldn't be surprised to see a rally in the near term if a government is formed, with a coalition, there will probably be a greater requirement for pork-barrel politics and the question is will this endanger the fiscal conservatism that's been a hallmark of Turkey so far. We feel quite uncomfortable with this mix. Kieran Curtis company-news I can't deny the pricing is not attractive but to my mind there are still non-economic non-market risks attached to investing in Russia. Kieran Curtis business