LATAM Corporates Daily: Your daily dose of all things LatAm

Research evidence excerpt

LATAM Corporates Daily: Your daily dose of all things LatAm

J P M O R G A N Latin America Credit Research

24 June 2026

LATAM Corporates Daily

Your daily dose of all things LatAm

Highlights Latin America Corporate Research

Natalia Corfield AC

• Adecoagro: Outlook revised to stable from negative by S&P (1-212) 834-9150

natalia.corfield@jpmorgan.com

• Oil Markets Weekly by Natasha Kaneva: Right shock, wrong price J.P. Morgan Securities LLC

• Performance Alejandra Andrade

(1-212) 834-3220

Prices in this note are as of June 23, 2026. alejandra.andrade@jpmorgan.com

J.P. Morgan Securities LLC

Ian B Snyder

(1-212) 834-3798

ian.b.snyder@jpmchase.com

Adecoagro: Outlook revised to stable from negative by S&P J.P. Morgan Securities LLC

S&P revised Adecoagro’s outlook to stable from negative and affirmed its BB- Florencia Palacios

rating, citing faster-than-expected deleveraging on better-than-anticipated (1-212) 622-1129

fertilizer and ethanol performance. Adjusted debt/EBITDA is projected to fall to florencia.x.palacios@jpmorgan.com

2.4x in 2026–27 (from 4.4x in 2025), supported by stronger fertilizer prices and

Bhavya Gupta

improved S&E results from higher productivity. The outlook assumes prudent

(91-22) 6157-3132

capital management and continued benefits from the diversified model, although bhavya.x.gupta@jpmchase.com

Argentina exposure remains significant. Improved access to financing and a higher J.P. Morgan India Private Limited

T&C assessment for Argentina also support the rating. S&P expects leverage to

stay in the 2.0x–2.5x range, FFO/debt above 30%, and FCF to remain positive, with

further actions dependent on financial discipline and Argentina risk. We believe

S&P’s deleveraging path could prove too optimistic. While there was initially a lot