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Moody's downgrades Brazil's Braskem on potential extra damages provisions

Reuters
·1-min read

SAO PAULO, Dec 12 (Reuters) - Moody's cut Brazilian petrochemical Braskem's rating to Ba2 from Ba1 on Tuesday, citing the risk of additional provisions related to troubled operations in the city of Maceio at a moment of high financial leverage.

Moody's also downgraded Braskem's rating outlook to negative from stable.

Braskem has spent about 9.2 billion reais ($1.85 billion), with over 5 billion reais provisioned, on socio-environmental agreements related to that operation. In 2018 authorities said its rock salt extraction operations contributed to sinking ground in five neighborhoods in Maceio, prompting some 60,000 people to be moved.

(Reporting by Andre Romani; Editing by Michael Perry)