Fitch: Braskem add-on at BBB-

Fitch Ratings said it assigned a BBB- to Braskem America Finance Ltd.'s proposed add-on issuance in a reopening of its $250 million of 7.125% notes due 2041 to new and existing investors.

The notes are unconditionally guaranteed by Braskem SA.

Fitch said it currently rates Braskem as follows: long-term foreign issuer default rating BBB-; long-term local currency issuer default rating BBB-; and national scale rating AA+(bra).

Braskem America Finance's long-term foreign currency issuer default rating is BBB-.

The outlook is stable.

Braskem's investment-grade ratings reflect its leading position in the Latin American petrochemical sector as the sole thermoplastic resin producer in Brazil, ongoing strengthening of its business base within the global petrochemical industry and its strong liquidity position and manageable debt schedule amortization profile, the agency said.

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