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July 28 (Reuters) -
* S&P assuming Brazil's fiscal story will improve and that country will avoid a rating downgrade - Schineller
* S&P says may downgrade Brazil if it sees government is backtracking from policy commitment in the next year
* S&P analyst Schineller says monitoring whether Brazil Congress will further water down austerity measures
* S&P analyst Schineller says Brazil's politics have become more fluid, likely to weigh on the execution of fiscal policies
* S&P analyst Schineller says potential impeachment of Brazil's president Dilma Rousseff "is not our base case scenario"
* S&P sees "limited" impact from contingent liabilities from Brazilian banks - SchinellerFurther coverage: Instant view: