December 23, 2021
Fitch Ratings has returned Brazil's Braskem to investment grade status after upgrading the petrochemical producer's ratings by one notch to BBB-, according to a report on Tuesday.
"The upgrade reflects the material improvement Braskem made to its capital structure by paying down $1.7 billion of debt with excess cash flow generated during the top of the petrochemical cycle," Fitch said in the report.
Fitch also said it had revised the outlook on Braskem's ratings to stable from positive on the ex
Rating agency upgrades the Brazilian petchem company to BBB- after it paid off $1.7 bln in debt