Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

EM Spreads is an independent credit research service specializing in Emerging Markets, primarily focusing on Latin American issuers.

Senior Credit Analyst - Emerging Markets

Vista Energy 4Q24: Solid Expectations Despite Short-Term Cost Headwinds

MercadoLibre: A Credit Look into the Latin American Rising Star

MercadoLibre 2Q24: Fintech Credit Fuels Commerce Growth

MELI 3Q24: Strategic Credit Growth and Logistics Investments Dampen Short-Term Profitability

MercadoLibre: Analyzing the Market Reaction to S&P’s Outlook Change

EM Spreads

Credit

<ul>
<li>Operating metrics exceeded expectations, while credit-fueled growth increased debt. Leverage remained unchanged.</li>
<li>We remain optimistic about MELI’s financial and business risk profile. </li>
<li>If the company achieves IG status, we believe its fundamental strengths are already reflected in current spreads. However, we estimate ~10 basis points of incremental upside from a technical bid.</li>
</ul>


Operating metrics exceeded expectations, while credit-fueled growth increased debt. Leverage remained unchanged.
We remain optimistic about MELI’s financial and business risk profile. 
If the company achieves IG status, we believe its fundamental strengths are already reflected in current spreads. However, we estimate ~10 basis points of incremental upside from a technical bid.


MELI 4Q24: Strong Results, While Leverage Remains Stable Amid Higher Debt