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

06 July 2026

LATAM Corporates Daily

Your daily dose of all things LatAm

Latin America Corporate Research

Natalia Corfield AC

(1-212) 834-9150

natalia.corfield@jpmorgan.com

J.P. Morgan Securities LLC

Alejandra Andrade

Highlights (1-212) 834-3220

alejandra.andrade@jpmorgan.com

• Nexa: Placed on CreditWatch Negative by S&P on potential change of control J.P. Morgan Securities LLC

• Gerdau: Outlook revised to positive by Fitch Ian B Snyder (1-212) 834-3798

• US in focus: Softer-than-expected non-farm payrolls, but rates expected to ian.b.snyder@jpmchase.com

remain on hold J.P. Morgan Securities LLC

• World Cup in Focus: Brazil and Mexico eliminated; Colombia and Argentina Florencia(1-212) 622-1129Palacios

carry the LatAm flag florencia.x.palacios@jpmorgan.com

• Performance J.P. Morgan Securities LLC

Bhavya Gupta

Prices in this note are as of July 02, 2026. (91-22) 6157-3132

bhavya.x.gupta@jpmchase.com

J.P. Morgan India Private Limited

Nexa: Placed on CreditWatch Negative by S&P on potential change of control

Following the July 2 press releases from both Boliden and Nexa confirming

ongoing negotiations regarding a potential acquisition of Votorantim's controlling

stake, S&P placed Nexa's BBB- rating on CreditWatch Negative. The CreditWatch

reflects a 50% probability of at least a one-notch downgrade within the next 90

days, with S&P noting that Nexa's standalone credit profile remains BB and that

the current BBB- rating incorporates two notches of parental uplift from

Votorantim. S&P noted that if the transaction proceeds, it will need to assess

Boliden's credit quality and the strategic importance of Nexa to the new owner,