S&P rates Braskem notes BBB-

Standard & Poor's said that it assigned a BBB- rating to the 30-year senior notes issuance of up to $500 million proposed by Braskem America Finance Co., a direct, wholly owned subsidiary of Braskem America Inc.

Ultimate parent company Braskem SA (BBB-/stable) is the unconditional guarantor, on a senior unsecured basis, of Braskem America Finance's payment obligations under the notes and the indenture, the agency said.

The proceeds will be used to prepay all amounts outstanding under the syndicated unsecured credit agreement that it entered into to finance the acquisition of Sunoco Chemicals and to prepay a portion of Braskem America Finance's other short- and long-term debts.

The ratings on Braskem reflect the company's satisfactory business risk profile and significant financial risk profile, the agency said.

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