Credit Calls

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Credit Calls

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

29 June 2026

Monday, June 29, 2026

Feature Head of North America Credit

Research and Strategy

High Grade Chemicals: Mid-Year Outlook Updates and Ratings Changes AC Tarek Hamid

(Aaron Rosenthal, CFA)

(1-212) 834-5468

• We are downgrading our sector rating on High Grade Chemicals to tarek.x.hamid@jpmorgan.comJ.P. Morgan Securities LLC

Underweight (from Neutral). The High Grade Chemicals sector delivered

180bp of excess return in 1H26 (~108bp outperformance v. JULI Ex-EM).

• We are downgrading CF to Neutral (from Overweight) with current trading Credit Calls is our daily compilation of

levels indicative of fair value in our view. The company remains well research reports from High Grade and

positioned thanks to a solid balance sheet and its advantaged U.S. feedstock High Yield corporate credit analysts

position. Incremental outperformance likely necessitates positive ratings and strategists.

updates, which we view as unlikely in the near-term. We are downgrading

NTRCN to Underweight (from Neutral). The company’s asset base is in flux High Grade Home Page

with strategic decisions ongoing across a range of assets. NTRCN has wood to

High Yield Home Page chop with respect to reducing near-term debt considering its elevated

commercial paper balance and upcoming maturities. NTRCN 10-year risk Daily Economic Briefing

trading flat to slightly wide of CF screens rich in our view. We Link to US Equity Research Top Stories

aredowngrading WLK to Neutral (from Overweight). NAM commodity (updated 7:30am)

chemicals will remain advantaged, but the war premium embedded in 2Q Link to J.P. Morgan Markets page

pricing is now projected to fade at a faster than previously expected rate.

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