SAO PAULO – Standard and Poor's downgrading of General Motors Corp. and Ford Motor Co. bonds to junk level is not expected to have a significant impact on Brazilian government bonds, at least not in the short term. “The impact was small because it was expected, and the market had already priced down the auto makers' securities,” says Maristella Ansanelli, head economist of Banco Fibra. “Corporate bonds and bonds of emerging countries do not compete for the same type of investor ...

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