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

10 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

• Mexico trip notes: Spicy sovereign, but credit fundamentals still have flavor alejandra.andrade@jpmorgan.com

• Performance Ian B Snyder

Prices in this note are as of July 9, 2026. (1-212) 834-3798

ian.b.snyder@jpmchase.com

Florencia Palacios

Mexico trip notes: Spicy sovereign, but credit fundamentals still have flavor (1-212) 622-1129

We spent a week in Mexico meeting with corporates, industry consultants, the florencia.x.palacios@jpmorgan.com

Ministry of Finance, and rating agencies, and returned less constructive on the J.P. Morgan Securities LLC

sovereign than a year ago, with the recent downgrade, a deteriorating fiscal Bhavya Gupta

trajectory, and lingering USMCA uncertainty reinforcing a more tempered macro (91-22) 6157-3132

bhavya.x.gupta@jpmchase.com

outlook. Nevertheless, we remain comfortable at the issuer level, as the J.P. Morgan India Private Limited

transmission from sovereign stress to corporate balance sheets continues to appear

limited, underpinned by low leverage, strong liquidity, and diversified revenue

bases across most names, while banks retain sufficient buffers to absorb a

measured deterioration in asset quality. That said, valuations rather than

fundamentals are a binding constraint on more aggressive positioning, with the

CEMBI Mexico trading through its five-year average, leaving our Overweights

concentrated in financials, Pemex, and SCCO. Read the full report here.

Performance