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Emerging MarketsEM LatAm

S&P slashes Braskem Idesa after Amlo proceeds with contract cancellation

Braskem Idesa, Braskem, ethane, Pemex, Veracruz, Mexico, LatAm, Brazil, 575

Standard & Poor’s cut Braskem Idesa’s credit rating from B+ to B on Friday, placing the rating on negative watch as the Mexican government’s termination of a gas transportation contract disrupted the polyethylene producer’s operations. The rating agency warned the company needs to address its gas supply shortage urgently, but some credit analysts eye a buying opportunity.

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