The downgrade risk remains relevant, he admitted, linking it to the lack of visibility into the government's future steps. “I am optimistic that we will keep the rating, but a downgrade risk still exists, and this risk is generated by the measures that must be adopted in the fall," minster Nazare said. The downgrade would bring not only higher financing costs, which are already high, but currency depreciation and inflation, he explained. "It is a false impression that the downgrade to Junk would not affect us because we borrow at very high interest rates anyway. "So, in a scenario of improving the situation in Q3, significant reduction in contraction and with a positive Q4, there are chances at this moment that we will reach the base scenario forecasted at the adoption of the budget", Nazare said.