JPM EM Corporate Strategy Daily

Research evidence excerpt

JPM EM Corporate Strategy Daily

J P M O R G A N Global Credit Research

29 July 2026

We now expect a positive rating trend for 2026, versus our more neutral Emerging Markets Corporate

expectation heading into the year. Recent EM corporate rating activity has been Strategy

skewed positive. Last week specifically, Argentine corporates benefitted from a Yang-Myung Hong AC

sovereign rating upgrade. Moody’s raised Argentina’s sovereign rating to B3 with (1-212) 834-4274

a positive outlook, citing materially lower default risk supported by macro ym.hong@jpmorgan.com

stabilization, fiscal surpluses, disinflation, stronger exports, and rising FDI. The J.P. Morgan Securities LLC

sovereign action was followed by upgrades to nine Argentine non-financial Alisa Meyers

corporates, including Arcor, Pan American Energy, Pluspetrol, Raghsa, Tecpetrol, (1-212) 834-9151

alisa.meyers@jpmorgan.com

Telecom Argentina, Vista, and YPF, as well as to the deposit and debt ratings and J.P. Morgan Securities LLC

BCAs of five banks: Galicia, Hipotecario, Macro, Santander Argentina, and Dhawal U Mehta

Supervielle. (91-22) 6157 3779

dhawal.mehta@jpmchase.com

Outside Argentina, upgrades over the past two weeks were concentrated in a J.P. Morgan India Private Limited

handful of specific stories. In Latin America, Banistmo was upgraded by S&P

following the completion of its acquisition by Grupo Financiero BSC, highlighting

the continued importance of ownership support and strategic sponsorship in

determining credit trajectories. Constellation was upgraded by Fitch to B+ driven

by improved earnings visibility and deleveraging prospects. In Asia, rating actions

were largely supportive. Fitch took positive actions on two of China’s asset

management companies (AMCs), reflecting its expectation of continued