(Commission File No. 1-14862 )
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ______ No ___X___
NOTICE TO THE MARKET
São Paulo, July 03, 2020 - BRASKEM S.A. (BOVESPA: BRKM3, BRKM5 and BRKM6; NYSE: BAK; LATIBEX: XBRK) hereby notifies its shareholders and the market that the credit rating agency Fitch Ratings has changed the Company’s corporate credit rating on a global scale to BB+, with a stable outlook.
As already disclosed to the market, Braskem highlights that, despite the adverse scenario resulting from the cycle and the pandemic, the Company maintains a solid cash position and a long indebtedness profile. The debt average maturity term at the end of the first quarter of 2020 was 16.4 years with approximately 50% of them maturing after 2030. In Braskem’s view, our capital structure combined with the ongoing measures implemented by the Company and its market leadership would justify the maintenance of its investment grade.
Finally, the Company reinforces its commitment to maintaining its liquidity position and cost discipline and continuing to implement measures to reduce its corporate leverage to return to be assigned as an investment grade company.
For more information, contact Braskem’s Investor Relations Department by calling +55 (11) 3576-9531 or sending an e-mail to braskem-ri@braskem.com.br.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: July 3, 2020BRASKEM S.A. | |||
By: | /s/ Pedro van Langendonck Teixeira de Freitas | ||
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Name: | Pedro van Langendonck Teixeira de Freitas | ||
Title: | Chief Financial Officer |
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.