APAC Credit Roundup: FOMC Minutes, US HG, Alibaba, Genting

研报英文原文证据摘录

APAC Credit Roundup: FOMC Minutes, US HG, Alibaba, Genting

economic fundamentals, the staff’s inflation forecast (65) 6882-1640

was revised up and now looks for inflation to get to 2% by the end of 2028, versus the mahmoud.harb@jpmorgan.com

end of next year in the April minutes. The growth forecast was nudged lower but JPMorgan Chase Bank, N.A., Singapore Branch

Emerging Markets Strategymostly reflected incoming data. Both the staff and committee discussions of the

growth outlook were generally sanguine. In addition to the obvious downside risks Fariha R Ahmmed AC

from Middle East developments, the committee noted some worrying financial signs (44-20) 7134-8537

in lower-income households (see report). (Emma) fariha.ahmmed@jpmorgan.com

J.P. Morgan Securities plc

US HG - Positive ratings momentum in 2Q26

In 2Q26, $227bn of debt was upgraded while just $49bn of debt was downgraded,

For key risks and catalysts not already

leading to net upgrades of $179bn, the most since 1Q24. The upgrade/downgrade

described in this report, please refer to the

ratio rose sharply to 4.60x in 2Q26, the highest since 2Q24. This brought the 1H26

most recent Emerging Markets Corporateupgrade/downgrade ratio from the edge of parity in 1Q to 2.2x, modestly above the

Coverage Report.FY25 ratio of 1.9x. The index ratings composition remains healthy, given that

issuance was skewed towards higher quality, along with some moderate upward

rating bucket migration from the upgrades. BBB debt is just 43.1% of the index, the

lowest since 2011, with BBB- debt specifically at a record-low share of just 7.1%. The

A-rated share of the index at 46.1% is close to the highest since 2011. AA-rated or

higher share has also grown to 10.8% of the index, the highest since 2018. Rising Stars