Credit Calls

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Credit Calls

J P M O R G A N North America Credit Research

23 June 2026

Tuesday, June 23, 2026

Strategy & Sector Commentary Head of North America Credit

Research and Strategy

1Q26 Leveraged Loan Credit Fundamentals: Credit metrics for US AC Tarek Hamid

Leveraged Loan issuers are improving despite continued erosion in CCCs

(1-212) 834-5468

(Nelson Jantzen, CFA) tarek.x.hamid@jpmorgan.com

Our quarterly analysis of leveraged loan credit fundamentals includes 702 US loan J.P. Morgan Securities LLC

borrowers, 440 of which are private companies. In aggregate, credit metrics for

US Leveraged Loan issuers are improving despite continued erosion in CCCs.

And the rating agency narrative for leveraged loans is improving at the Credit Calls is our daily compilation of

margin with the LTM par and issuer upgrade-to-downgrade ratios rising in research reports from High Grade and

May to a high since 4Q22. The most notable observations include Revenues and High Yield corporate credit analysts

EBITDA expanded at the highest and second highest rate in three-plus and strategists.

years.Revenue and EBITDA growth were strongest for BBs and contracted for

CCCs, and there also was a good deal of dispersion at the sector level. Coverage High Grade Home Page

metrics also improved for a sixth consecutive quarter to a 2.5-year high after

High Yield Home Pageeroding steadily between 2Q22 and 3Q24. Meanwhile, LTM debt growth has

reached its highest level since 4Q20. Even so, Leverage declined moderately off Daily Economic Briefing

a high since 2022. Link to US Equity Research Top Stories

(updated 7:30am)

HG Credit Foreign Demand Monitor: FAB index up despite hawkish FOMC Link to J.P. Morgan Markets page

as foreign yields lower but the path forward for FAB looks to be lower

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