Credit Calls

J.P. Morgan's daily credit research update highlights solid results for Deere, credit-positive strategic moves by Estee Lauder, and earnings pressure for Whirlpool. Overall credit performance lags equities as treasury yields climb.

Key Takeaways

• 1.Deere reported solid F2Q26 revenue and profit but soft consolidated free cash flow, with FY26 guidance remaining largely unchanged.
• 2.Estee Lauder's decision to walk away from the Puig transaction is viewed as marginally credit positive as it avoids a material leverage increase.
• 3.Whirlpool's earnings estimates for FY26 were lowered following weak 1Q26 results and concerns over a structural subordination of unsecured bondholders via a new ABL facility.

Table of Contents

• Feature
• SUMMARY
• Strategy & Sector Commentary
• Head of North America Credit Research and Strategy
• Company Comments
• Important Disclosures
• History of Investment Recommendations
• Explanation of Credit Research Valuation Methodology, Ratings and Risk to Ratings
• J.P. Morgan Credit Research Ratings Distribution, as of April 04, 2026
• Other Disclosures
• Legal Entities Disclosures and Country-/Region-Specific Disclosures

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