S&P raises Braskem Idesa

S&P said it upgraded the global-scale ratings Braskem Idesa SAPI and its senior secured notes to B+ from B. The notes’ 3 recovery rating, indicating meaningful recovery in default (50%-90%) is unchanged.

Braskem and Pemex amended their ethane supply pact easing previous operating and financial concerns, the agency said.

“Strong product demand, coupled with the favorable polyethylene prices momentum, will carry into the next 12-18 months and will support Braskem Idesa's top-line growth and profitability,” S&P said in a press release.

The outlook is stable.

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