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BRASKEM S.A. (NYSE:BAK), a leading company in the industrial organic chemicals industry, has communicated to its shareholders and the market that two major credit rating agencies, Fitch Ratings and S&P Global Ratings, have updated the company’s corporate credit ratings. According to the press release dated Tuesday, Fitch has assigned Braskem a BB rating with a stable outlook, while S&P has given a BB rating with a negative outlook.
The credit agencies have cited the ongoing challenges in the global petrochemical industry, coupled with macroeconomic uncertainties, as factors that are expected to continue affecting the financial metrics of companies operating within this sector.
In response to the revised ratings, Braskem has reaffirmed its dedication to maintaining liquidity, bolstering the competitiveness of Brazil’s chemical industry, and implementing financial resilience and health initiatives aimed at mitigating the impacts of the industry cycle.
The company has not provided any forward-looking statements within this report, focusing instead on current assessments and strategies to address the industry’s challenges.
This information is based on a press release statement and the latest Form 6-K report filed by Braskem with the Securities and Exchange Commission. The report does not offer any securities for sale in Brazil, and any public offer of securities would require proper registration or exemption and a prospectus in compliance with Brazilian regulations.
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