<div id="readability-page-1"><div>Fitch Ratings-São Paulo-19 November 2025:Fitch Ratings has downgraded Braskem Idesa SAPI's Long-Term Local and Foreign Currency Issuer Default Ratings (IDRs) to 'C' from 'CC'. Fitch has also downgraded Braskem Idesa's senior secured bonds to 'C' with a Recovery Rating of 'RR4' from 'CC'/'RR4'.The 'C' rating is in line with Fitch's rating definition for an issuer that has entered into a grace period following non-payment of a material financial obligation. Fitch believes it is highly unlikely that Braskem Idesa will receive support from its shareholders or sell its assets in a time frame that would support its liquidity.Key Rating DriversMissed Bond Coupon Payment: Braskem Idesa did not pay the interest due on Nov. 18, 2025, and entered the contractual grace period as of today. Under the indenture, missed interest has a five-day grace period and becomes an event of default if unpaid thereafter. Upon an event of default, other than bankruptcy, holders of at least 25% of the outstanding principal may direct the trustee to accelerate the notes, making all principal and accrued interest immediately due and payable. Such acceleration could precipitate a distressed debt exchange (DDE) or broader restructuring.Recovery AnalysisThe recovery analysis for Braskem Idesa assumes a liquidation approach to valuation.Liquidation Approach Inputs:--MXN1,700 million of inventory valued at 50%;--MXN29,400 million of PP&amp;E valued at 50%;--Total liquidation value USD31,240 million;--A 10% administrative claim.With these assumptions, Fitch's waterfall generated recovery computation (WGRC) for the senior secured notes is in the 'RR3' band. However, according to Fitch's Country-Specific Treatment of Recovery Ratings Criteria, the Recovery Rating for corporate issuers in Mexico is capped at 'RR4'.RATING SENSITIVITIESFactors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade:-- Failure to pay coupon within the grace period would result in a downgrade to 'RD';-- Filing for bankruptcy protection would result in a downgrade to 'D'.Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade:-- Resolution of the missed interest payment for the 2026 bond within the grace period.Issuer ProfileBraskem Idesa, S.A.P.I. is a polyethylene producer with operations in the city of Coatzacoalcos, Mexico. Its annual production is 1.05 million tons of high- and low-density polyethylene. It began operations in early 2016.REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Click here to access Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in our credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG ConsiderationsBraskem Idesa SAPI has an ESG Relevance Score of '4' for Governance Structure due to shareholder concentration, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors.Braskem Idesa SAPI has an ESG Relevance Score of '4' for Financial Transparency due to lack of footnotes and adequate disclosures, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors.The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.Braskem Idesa SAPI; Long Term Issuer Default Rating; Downgrade; C; Local Currency Long Term Issuer Default Rating; Downgrade; C----senior secured; Long Term Rating; Downgrade; CContacts:Primary Rating AnalystMarcelo Pappiani, CFAAssociate Director+55 11 4504 2603marcelo.pappiani@fitchratings.comFitch Ratings Brasil Ltda.Alameda Santos, nº 700 – 7º andar Edifício Trianon Corporate - Cerqueira CésarSão Paulo, SP SP Cep 01.418-100Secondary Rating AnalystAdriana Eraso,Director+1 646 582 4572adriana.eraso@fitchratings.comCommittee ChairpersonRogelio Gonzalez Gonzalez,Senior Director+52 81 4161 7034rogelio.gonzalez@fitchratings.comMEDIA RELATIONS: Maggie Guimaraes, São Paulo, Tel: +55 11 4504 2207, Email: maggie.guimaraes@thefitchgroup.comAdditional information is available on www.fitchratings.comApplicable ModelNumbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).Corporate Monitoring &amp; Forecasting Model (COMFORT Model), v8.2.0 (1)ADDITIONAL DISCLOSURESDodd-Frank Rating Information Disclosure FormSolicitation StatusAdditional Disclosures For Unsolicited Credit RatingsEndorsement StatusEndorsement PolicyALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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Fitch Ratings has downgraded Braskem Idesa's Long-Term Local and Foreign Currency Issuer Default Ratings to 'C' from 'CC'. The downgrade follows Braskem Idesa's missed bond coupon payment and entry into a grace period. Fitch believes it is unlikely that the company will receive shareholder support or sell assets to improve liquidity. The missed payment could lead to a distressed debt exchange or broader restructuring. Further downgrade to 'RD' or 'D' is possible if the coupon remains unpaid or if bankruptcy protection is filed.

Fitch Downgrades Braskem Idesa to 'C'