Braskem S.A., together with its subsidiaries, produces and sells thermoplastic resins. Braskem's business operations consist of four production segments and one distribution segment: Basic Petrochemicals Unit, Polyolefins, Vinyls, United States and Europe, and Chemical distribution. The company is also engaged in the import and export of chemicals, petrochemicals and fuels, the production, supply and sale of utilities such as steam, water, compressed air, industrial gases, as well as the provision of industrial services and the production, supply and sale of electric energy for its own use and use by other companies. The company was founded in 1972 and is based in Camacari, Brazil.
Brazilian petrochemical giant Braskem SA said on Thursday it had been told by authorities in northeastern Brazil that residents of 1,918 homes had to be evacuated due to a geological event it has been accused of causing, and it was making an additional 1.6 billion reais ($305 million) in provisions. Federal and state prosecutors in the state of Alagoas had written to the company, alerting it of the need to move the residents, Braskem said in a filing. Prosecutors have alleged that a Braskem mine caused large cracks in the ground and serious damage to real estate in the city of Maceió, which was backed up by a report by the Brazilian geological service in May. Braskem has disputed this.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Braskem S.A. New York, July 08, 2020 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Braskem S.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
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