Moody’s: Acquisition is neutral for Braskem

Moody's Investors Service said that Braskem SA's (Ba1 negative) board of directors authorization to the execution of a sales agreement for the 63.7% stake that Odebrecht Utilities SA holds at Cetrel SA is credit neutral for Braskem.

The R$610 million ($194 million) transaction, when completed, will worsen the company's liquidity at a time that it is already impacted by the global agreement related to the Lava Jato investigations.

Nevertheless, Moody’s said the acquisition will also ensure that Braskem will continue to be capable of properly addressing environmental processes, and will help support operations at the Camacari Petrochemical Complex.

© 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.