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

08 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

• Amaggi: Moody’s affirms rating at Ba3; Outlook revised to Negative J.P. Morgan Securities LLC

• Natura: 2Q26 results preview Ian B Snyder (1-212) 834-3798

• Colombia: A small downside surprise does little to alter the inflation outlook ian.b.snyder@jpmchase.com

• Performance J.P. Morgan Securities LLC

Florencia Palacios

Prices in this note are as of July 07, 2026. (1-212) 622-1129

florencia.x.palacios@jpmorgan.com

Bhavya Gupta

(91-22) 6157-3132

Amaggi: Moody’s affirms rating at Ba3; Outlook revised to Negative bhavya.x.gupta@jpmchase.com

Moody’s affirmed Amaggi’s Ba3 rating and changed the outlook to negative after J.P. Morgan India Private Limited

completing its review related to the acquisition of a 40% stake in FS. The negative

outlook reflects increased leverage and pressure on the credit profile over the next

12–18 months, as the transaction is being funded with incremental debt and is

expected to keep leverage around 4.5x–5.0x over the next year before gradually

declining. While the FS investment improves business diversification and adds

exposure to Brazil’s corn-based ethanol segment, Moody’s does not expect these

benefits or potential synergies to materially improve credit metrics in the near term.

The rating remains constrained by high leverage, Brazil concentration, reliance on

short-term funding, and the need to manage upcoming maturities, particularly the

2028 bond.