Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

Senior Credit Analyst - Emerging Markets

EM Spreads

Credit

<ul>
<li>4Q24 results: Minerva - acquisition outlook and market tailwinds support credit upgrade, YPF - strategic progress offset weak quarter, and Pemex - high carry but risk outweigh rewards. </li>
<li>Argentina 4Q24 GDP Beats Expectations, but Outlook Hinges on Policy and IMF Deal</li>
<li>Sheinbaum Restructures Pemex to Strengthen State Control - Pemex’s elevated leverage, continued E&amp;P underperformance, and exposure to refining losses remain key concerns.</li>
</ul>


4Q24 results: Minerva - acquisition outlook and market tailwinds support credit upgrade, YPF - strategic progress offset weak quarter, and Pemex - high carry but risk outweigh rewards. 
Argentina 4Q24 GDP Beats Expectations, but Outlook Hinges on Policy and IMF Deal
Sheinbaum Restructures Pemex to Strengthen State Control - Pemex’s elevated leverage, continued E&amp;P underperformance, and exposure to refining losses remain key concerns.


Argentina

Telecom Argentina SA provides telecommunications services including local, long-distance and international service in Argentina.  The Company, through its subsidiaries, also provides cellular telecommunications services and offers paging services.

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Telecom Argentina (TEO US)

Weekly News & Views – Mar 21, 2025

4Q24 results show Minerva improving, YPF progressing, but Pemex remains high risk. Argentina's GDP beat estimates, but outlook depends on policy...

Leandro Gubler

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