APAC Credit Roundup: EM Credit, Hong Kong Property

Research evidence excerpt

APAC Credit Roundup: EM Credit, Hong Kong Property

J P M O R G A N Asia Pacific Credit Research

08 July 2026

APAC Credit Roundup

EM Credit, Hong Kong Property

Asia Pacific Credit Research

Soo Chong Lim AC

(852) 2800-7387

soochong.lim@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited

• EM Credit – More rating actions in 2Q26 with a positive bias Matthew(852) 2800-6518Hughart AC

matthew.hughart@jpmorgan.com• Hong Kong Property – Home price uptrend may moderate after a 12% increase

YTD J.P. Morgan Securities (Asia Pacific) Limited

Alvin Au AC

(852) 2800-8533

alvin.au@jpmorgan.com

EM Credit – More rating actions in 2Q26 with a positive bias Aman Aggarwal AC

(852) 2800-0081

EM corporate net rating action by volume improved sequentially in 2Q26 to +$14bn aman.aggarwal@jpmchase.com

(0.5% of bond stock) as the positive trend more than compensated for the increase in J.P. Morgan Securities (Asia Pacific) Limited

downgraded volumes, thereby marking the fourth consecutive quarter of net AC Shirley Yau

upgrades. This was an improvement from the +$5bn net upgrades seen in 1Q26, with (852) 2800-0566

the overall volume of rating revisions increasing by 37% q/q to $88bn. The migration shirley.yau@jpmorgan.com

trend between rating buckets also turned positive from the previous quarter, as $18bn J.P. Morgan Securities (Asia Pacific) Limited

of bonds jumped to a higher rating bucket versus -$17bn in downgrades. Our EM Emma Xing AC

corporate strategy team thinks a modestly positive rating trend can be sustained for the (852) 2800-8727

rest of the year, given the supportive macro backdrop and strong earnings growth at emma.xing@jpmorgan.com

the corporate level. There has so far been no major negative impact on Middle East

EM, Economic and Policy Research