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

22 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

• LAST WEEK of the EXTEL Survey: If you think our research has added value, J.P. Morgan Securities LLC

please consider casting your vote here. We genuinely appreciate your support! Ian B Snyder

• Argentina: Upgraded to B3, outlook changed to positive by Moody’s (1-212)ian.b.snyder@jpmchase.com834-3798

• Embraer: 28 new firm orders announced at Farnborough Air Show J.P. Morgan Securities LLC

• Vale: 2Q26 production report- solid operating performance Florencia(1-212) 622-1129Palacios

• Earnings Calendar florencia.x.palacios@jpmorgan.com

• Performance Bhavya Gupta

Prices in this note are as of July 21, 2026. (91-22) 6157-3132

bhavya.x.gupta@jpmchase.com

J.P. Morgan India Private Limited

Argentina: Upgraded to B3, outlook changed to positive by Moody’s

Moody’s upgraded Argentina’s long-term local- and foreign-currency issuer

ratings to B3 from Caa1 and changed the outlook to positive from stable, citing a

material decline in default risk as macro stabilization becomes more durable.

Moody’s points to sustained fiscal surpluses, disinflation, reduced distortions/

greater economic liberalization, and public-sector balance-sheet improvements

(including central bank recapitalization) as strengthening policy credibility and

lowering volatility. The external profile has improved markedly on stronger

exports and rising FDI, especially in energy and mining, plus better access to