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

by Mike Robinson

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© Reuters. FILEPHOTO: A photograph of the logo for Mexican state oil firm Petroleos Mexicanos is taken at Ciudad Juarez (Mexico), February 27, 2020. REUTERS/Jose Luis Gonzalez/File Photograph

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.

Braskem, a Brazilian company that produces petrochemicals, announced Tuesday that its Mexican subsidiary Braskem was entering into a new supply agreement with Pemex. This will settle any differences and allow for the construction of a $400-million ethane terminal.

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