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

09 July 2026

LATAM Corporates Daily

Your daily dose of all things LatAm

EM Latin America Corporate

Research

Natalia Corfield AC

(1-212) 834-9150

natalia.corfield@jpmorgan.com

J.P. Morgan Securities LLC

Highlights Alejandra Andrade

(1-212) 834-3220

• Itau: More noise on the back of Americana’s creative accounting issues alejandra.andrade@jpmorgan.com

• FSBIO: Moody’s downgrades rating to B1; Outlook revised to Stable Ian B Snyder

• Cosan and Rumo: S&P downgrades to B+; Outlook Negative (1-212) 834-3798

• FOMC meeting minutes: Hawkish tone with no policy surprises ian.b.snyder@jpmchase.comJ.P. Morgan Securities LLC

• Oil Markets Weekly: Meanwhile in Russia ... Florencia Palacios

• Performance (1-212)florencia.x.palacios@jpmorgan.com622-1129

Prices in this note are as of July 8, 2026. J.P. Morgan Securities LLC

Bhavya Gupta

(91-22) 6157-3132

bhavya.x.gupta@jpmchase.com

Itau: More noise on the back of Americana’s creative accounting issues J.P. Morgan India Private Limited

A Rio de Janeiro court has identified potential coordination between Itau and

Santander Brazil in the concealment of supplier-financing transactions – known

locally as risco sacado – carried out by Americanas, as part of ongoing

investigations into the retailer's alleged accounting fraud. The court decision,

signed by Judge Giovana Calmon, authorized a police operation targeting select

Americanas shareholders and bank executives, citing text message exchanges

between executives of both institutions and Americanas' former CFO as evidence

of possible collusion in the omission of relevant financial disclosures during audit

procedures. Both banks have denied any wrongdoing, maintaining that they were