Moody's may lower Braskem

Moody's Investors Service said it placed Braskem SA's Ba1 corporate family rating and the ratings on the foreign-currency debt issuances of Braskem Finance Ltd. and Braskem America Finance Co. on downgrade review.

The review for downgrade reflects the fact that Braskem has not yet filed audited financial statements for fiscal year 2016 and a concern about potential liquidity pressures that could arise as a consequence, Moody's said.

The agency also said it acknowledges that the company is working with its auditors to release these statements as soon as possible.

Extended delays in the release of audited annual financial statements might lead bondholders to take actions that might lead to a declaration of default, subject to a notification from the holders of at least 25% of the principal amount outstanding for each of the notes, Moody's said.

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