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Builders Among Mexico’s Most Exposed to U.S. Budget Outcome: S&P

The Mexican homebuilding industry is among the nation’s most-exposed sectors to the outcome of U.S. budget negotiations, Standard & Poor’s analyst Eduardo Uribe said.

Spending cuts and tax increases totaling more than $600 billion will start taking effect next year, potentially triggering a recession in the world’s biggest market, if U.S. lawmakers fail to reach an accord.

“If the economy deteriorates, it could block their access to financing” and leave them with a backup in inventory, Uribe said in a telephone interview today from Mexico City. The industry “depends on external financing for growth and refinancing.”

Sare Holding SAB and Urbi Desarrollos Urbanos SAB are among the Mexican companies that would be most affected if the budget fallout crimps growth, he said.

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