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Latin America Corporate Coverage Report
研报英文原文证据摘录
Latin America Corporate Coverage Report
Latin America Credit Research
16 July 2026
July Highlights: Latin America Corporate Research
J.P. Morgan Securities LLC
• In this edition of the Coverage report, downgrades (19) outpaced upgrades AC
(11), once again reflecting the impact of tight spreads, with all downgrades Natalia Corfield
to UW concentrated in IG issuers across Mexico and Chile, while natalia.corfield@jpmorgan.comAC
downgrades to Neutral were largely driven by ECOPET's curve following Alejandra Andrade
particularly strong performance. Overall, OW recommendations remain alejandra.andrade@jpmorgan.comAC
concentrated in Financials and Oil & Gas, while exposure to the Utilities Ian B Snyder
sector was increased this month. We also note continued caution on the ian.b.snyder@jpmchase.com
Consumer and Pulp & Paper sectors, where the majority of our Florencia Palacios AC
fundamentally-driven UWs are concentrated. By country, OWs remain florencia.x.palacios@jpmorgan.com
broadly distributed across the region, albeit with a recent reduction in
Colombian exposure following the presidential elections, while UWs are
predominantly focused in Chile and Brazil.
• We rated 345 bonds of 117 issuers.
Number of bonds in each category. Source: J.P. Morgan.
Description:
The Latin America Corporate Coverage Report provides a comprehensive list of corporates and securities covered by our
analyst team. The report provides J.P. Morgan analyst recommendations and details on specific securities including: security
rating, price, yield and spread.
Our Issuer level ratings reflect the rating on the issuer's benchmark or representative security. Bond-level ratings incorporate
valuations (relative value) and fundamental views on securities.
Bond/issuer rating nomenclature:
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