Emerging Market Corporate Credit Ratings: More rating actions in 2Q26 with a positive bias

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Emerging Market Corporate Credit Ratings: More rating actions in 2Q26 with a positive bias

J P M O R G A N Global Credit Research

07 July 2026

Emerging Market Corporate Credit

Ratings

More rating actions in 2Q26 with a positive bias

• EM corporate net rating action by volume improved sequentially in 2Q26 Emerging Markets Corporate

to +$14bn (0.5% of bond stock) as the positive trend more than Strategy

compensated for the increase in downgraded volumes, thereby marking Yang-Myung Hong AC

the fourth consecutive quarter of net upgrades. This was an improvement (1-212) 834-4274

from the +$5bn net upgrades seen in 1Q26, with the overall volume of rating ym.hong@jpmorgan.com

revisions, including both upgrades and downgrades, increasing by +37% q/q J.P. Morgan Securities LLC

to $88bn. The migration trend between rating buckets also turned positive from Alisa Meyers

the previous quarter, as $18bn of bonds jumped to a higher rating bucket versus (1-212) 834-9151

alisa.meyers@jpmorgan.com

-$17bn in downgrades. J.P. Morgan Securities LLC

• The supportive rating trajectory has led to upgrades outpacing Dhawal U Mehta

downgrades by $24bn YTD or 0.94% of outstanding bond stock, led by (91-22) 6157 3779

Asia (+$33bn) and EM Europe (+$17bn), while Latam (-$25bn) and ME&A dhawal.mehta@jpmchase.com

J.P. Morgan India Private Limited

(-$2bn) saw net downgrades.

• We think a modestly positive rating trend can sustain for the rest of the

year, given the supportive macro backdrop and strong earnings growth on Please see link for past editions of the EM

the corporate level. There has so far been no major negative impact on Middle Corporate Credit Ratings note.

East sovereign ratings from the geopolitical uncertainty which might have