SAO PAULO (ICIS)–Fitch Ratings has downgraded a portion of Mexican polyethylene (PE) producer Braskem Idesa’s debt obligations to the “restricted default” (RD) credit rating after the company was unable to pay interest on one of its bonds.
The missed coupon payment was for a bond maturing in 2029 and was due last week. After a five-day grace period, the producer did not manage to find the cash to fulfill its obligation.
According to Fitch’s methodology, an RD rating applies to an issuer that has an uncured payment default – the 2029 bond’s coupon – but has not filed for bankruptcy or ceased operations. Moreover, the agency kept some debt obligations under the C rating it gave them last week.
Published by: www.icis.com
Jonathan Lopez
27-Nov-2025
