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Bond Market News
Braskem Downgraded to BB by Fitch and S&P
May 28, 2025
Braskem has been downgraded from BB+ to BB by both Fitch and S&P. The rating agencies cited higher-than-expected leverage, weaker cash flow generation and prolonged low-price market conditions as the major reasons for the rating action. Braskem’s net leverage is expected to be around 6x in 2025 and 5x in 2026, due to the prolonged sector downturn and geopolitical tensions affecting cash flow stability. However, they do note that Braskem does have a strong market position as the seventh largest petrochemical company globally. Earlier in April, Braskem was downgraded by Moody’s too.
Braskem’s dollar bonds were trading stable – its 7.125% 2041s are trading flat at 77.96, yielding 9.88%.
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