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      "text": "Source: J.P. Morgan Asset Management; (Left) Bloomberg; (Right) J.P. Morgan Economic Research. Investment grade is represented by the Bloomberg U.S. Aggregate Credit – Corporate Investment Grade Index. High Yield is represented by the Bloomberg U.S. Aggregate Credit – Corporate – High Yield Index. Dots represent monthly data points since 2005. *Net upgrade ratio is based on the number of rating upgrades minus the rating downgrades as a percentage of total rating changes. Past performance is not a reliable indicator of current and future results. Guide to the Markets – Asia. Data reflect most recently available as of 31/03/26.",
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