S&P ups Braskem local currency rating

Standard & Poor's said it raised its local-currency corporate credit rating on Braskem SA to BB from BB- and affirmed its BB- foreign-currency corporate credit rating on the company. The BB- rating on Braskem's notes was also affirmed.

The outlook on the local- and foreign-currency ratings is stable.

S&P said the local-currency upgrade reflects Braskem's rapid financial profile improvement in third-quarter 2004, which S&P said it believes will continue in the fourth quarter with further debt reduction. Braskem has paid off or prepaid about $436 million in debt and loans from July through November, including the early retirement of its 11th local debenture issue on Nov. 1, 2004 as well as the payment of a $100 million eurobond in October, and net of new transactions raised in the period of $305 million.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.