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

27 July 2026

LATAM Corporates Daily

Your daily dose of all things LatAm

Highlights Latin America Corporate Research

Natalia Corfield AC

• Acelen: Upgraded to BB- by Fitch, outlook stable (1-212) 834-9150

natalia.corfield@jpmorgan.com

• US cattle: Mexican imports resume amid supply shortage J.P. Morgan Securities LLC

• Volcan: Liquidity runway and elevated silver prices support growth capex Alejandra Andrade

cycle (1-212) 834-3220

alejandra.andrade@jpmorgan.com

• Earnings Calendar J.P. Morgan Securities LLC

• Performance Ian B Snyder

(1-212) 834-3798

Prices in this note are as of July 24, 2026. ian.b.snyder@jpmchase.com

J.P. Morgan Securities LLC

Florencia Palacios

(1-212) 622-1129

florencia.x.palacios@jpmorgan.com

Acelen: Upgraded to BB- by Fitch, outlook stable J.P. Morgan Securities LLC

Fitch upgraded Acelen to BB- from B+ with a stable outlook and also raised the Bhavya Gupta

BB- rating on the senior secured notes issued by MC Brazil Downstream Trading (91-22) 6157-3132

and guaranteed by Acelen. The upgrade reflects stronger EBITDA from wider bhavya.x.gupta@jpmchase.com

J.P. Morgan India Private Limited

refining spreads, an improved product mix, higher utilization, and a lower cost

base. Fitch expects ongoing deleveraging supported by a cash-sweep mechanism,

with leverage sustained below 2.0x over the rating horizon and EBITDA/interest

coverage above 6x. Constraints remain the single-asset nature of the business,

limited integration, and mid-range refinery complexity (Nelson 8), as well as

supplier concentration risk given Petrobras’s dominant role in Brazil’s crude

market. We are currently Neutral on the ‘31s.