Daily Brief Credit: MercadoLibre: Analyzing the Market Reaction to S&P’s Outlook Change and more

• S&P revised MELI’s credit rating outlook to positive from stable and affirmed its BB+ issuer credit rating.
• MELI’s credit metrics are considerably stronger than its peers in the high-yield rating category
• MELI’s bonds have arguably already been trading at the investment grade level, supported by the company’s solid credit metrics for the rating category.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

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