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

Telecom Argentina 2Q26: Stronger Credit, Upside Gets Selective

Telecom Argentina 1Q26: Credit Improves, Upside Narrows

Telecom Argentina 4Q25: Results Support Credit Despite Integration Pressures

Telecom Argentina Prices US$600m 10Y Notes at 8.625%, Extending Maturities

EM Spreads

Credit

<ul>
<li>TMA approval removes outright rejection risk, but the remedy package reduces synergy upside and adds execution risk around divestitures, spectrum, network access and EBITDA retention.</li>
<li>Credit impact looks contained. Leverage remains low, the divested EBITDA appears manageable, and Telecom’s rating is still constrained more by Argentina’s sovereign ceiling than by the business perimeter.</li>
<li>We assign a Neutral recommendation. The 2036s are our preferred Telecom curve expression for investors maintaining exposure, but as a carry hold rather than a new Buy.</li>
</ul>


TMA approval removes outright rejection risk, but the remedy package reduces synergy upside and adds execution risk around divestitures, spectrum, network access and EBITDA retention.
Credit impact looks contained. Leverage remains low, the divested EBITDA appears manageable, and Telecom’s rating is still constrained more by Argentina’s sovereign ceiling than by the business perimeter.
We assign a Neutral recommendation. The 2036s are our preferred Telecom curve expression for investors maintaining exposure, but as a carry hold rather than a new Buy.


Telecom Argentina: TMA Remedies Hit Business, Credit Holds