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Braskem S.A. (NYSE:BAK, B3:BRKM3, BRKM5, BRKM6, LATIBEX:XBRK) announced Monday that Fitch Ratings and S&P Global Ratings have downgraded the company’s global corporate credit ratings. Fitch revised Braskem’s rating to CCC+ and S&P set the rating at CCC-, both with a negative outlook.
The company disclosed the changes in a statement to shareholders and the market, citing notifications from the two rating agencies. The downgrades reflect the agencies’ updated assessments of Braskem’s credit profile.
Braskem stated it remains focused on implementing resilience and transformation initiatives to address the impacts of what it described as a prolonged global downturn in the chemical industry.
This information is based on a press release statement filed with the Securities and Exchange Commission.
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