S&P raises Braskem-Idesa’s rating after deal with Pemex

September 30, 2021

MEXICO CITY (Reuters) – Standard & Poor’s (S&P) said on Thursday it raised Braskem-Idesa’s credit rating from “B” to “B+” citing better performance and deleveraging after the firm reached an ethane gas supply agreement with Mexican state oil company Pemex.

On Tuesday, Brazilian petrochemical firm Braskem said its Mexican subsidiary Braskem-Idesa had reached a new gas supply accord with Pemex to settle differences between the companies and build a $400 million ethane terminal.

(Reporting by Diego Ore, writing by Laura Gottesdiener)

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