S&P gives Braskem Idesa notes B+

S&P said it gave its B+ issue-level rating to Braskem Idesa SAPI's planned 10-year, fixed-rate senior secured notes for up to $1 billion due 2032. The agency also assigned a 3 recovery rating, in line with the recovery rating on the senior secured notes due 2029, indicating an expectation of a meaningful recovery (50%-90%) in default.

The company plans to use the proceeds to refinance bank debt, which is the outstanding project finance loan due 2029.

“We view the transaction as debt neutral, given that the issuance won't increase debt in Braskem Idesa's capital structure,” S&P said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.