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

17 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

• Latin America Corporate Coverage Report: July 2026 J.P. Morgan Securities LLC

• Cosan: Downgraded by Moody’s to B1; outlook negative Ian B Snyder (1-212) 834-3798

• Upcoming Webinars: ian.b.snyder@jpmchase.com

• Monday, July 20: Mid-year catch-up with the Latam team Florencia Palacios

(1-212) 622-1129

• Wednesday, July 22: Demystifying Brazilian bankruptcy: A practical guide florencia.x.palacios@jpmorgan.com

to EJ, RJ and creditor rights J.P. Morgan Securities LLC

Bhavya Gupta

• Earnings Calendar (91-22) 6157-3132

• Performance bhavya.x.gupta@jpmchase.com

J.P. Morgan India Private Limited

Prices in this note are as of July 16, 2026.

Latin America Corporate Coverage Report: July 2026

We published our Latam Corporate Coverage report yesterday. In this edition of the

Coverage report, downgrades (19) outpaced upgrades (11), once again reflecting

the impact of tight spreads, with all downgrades to Underweight concentrated in

IG issuers across Mexico and Chile, while downgrades to Neutral were largely

driven by ECOPET’s curve following particularly strong performance. Overall,

Overweight recommendations remain concentrated in Financials and Oil & Gas,

while exposure to the Utilities sector was increased this month. We also note

continued caution on the Consumer and Pulp & Paper sectors, where the majority

of our fundamentally driven Underweights are concentrated. By country,