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

03 August 2026

LATAM Corporates Daily

Your daily dose of all things LatAm

Highlights Latin America Corporate Research

Natalia Corfield AC

• Azul: CADE approves American Airlines equity investment (1-212) 834-9150

natalia.corfield@jpmorgan.com

• CSN: Rating actions by Fitch and S&P J.P. Morgan Securities LLC

• US in focus: Next US rate hike pulled to December this year from 2H27 by JPM Alejandra Andrade

economists (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 31, 2026. ian.b.snyder@jpmchase.com

J.P. Morgan Securities LLC

Florencia Palacios

(1-212) 622-1129

florencia.x.palacios@jpmorgan.com

Azul: CADE approves American Airlines equity investment J.P. Morgan Securities LLC

Brazil’s antitrust regulator CADE has unconditionally approved American Bhavya Gupta

Airlines’ US$100 million investment in Azul, under which the US carrier will (91-22) 6157-3132

acquire approximately 8% of the Brazilian airline through subscription warrants bhavya.x.gupta@jpmchase.com

J.P. Morgan India Private Limited

issued during Azul’s US bankruptcy proceedings. As part of the deal, American

Airlines will gain time-limited rights — expiring after two to three years — to

appoint one board member and one strategic committee member, alongside

commercial cooperation agreements covering an alliance, codeshare flights,

frequent-flyer programs, and lounge access. Notably, CADE analyzed the

transaction under a conservative merger-equivalent standard and found that even

on the most concentrated route (São Paulo–Miami, where the combined share