Correction: Fitch Ratings Withdraws Copene's Rating.Business Editors NEW YORK & SAO Sa´o n. 1. (Zool.) Any marine annelid of the genus Hyalinæcia, especially H. tubicola of Europe, which inhabits a transparent movable tube resembling a quill in color and texture. PAULO, Brazil--(BUSINESS WIRE)--Aug. 21, 2002 (This is an amended version of a press release dated August 19, 2002). Fitch Ratings has today withdrawn the national scale rating of 'A-(bra)' for Copene -- Petroquimica do Nordeste S.A, following the creation of Braskem S.A. (Braskem). From this date as Braskem has been effectively constituted, its advisory rating of 'A+(bra)' will become the company's effective rating. A corporate reorganization involving Copene, OPP OPP Opposite OPP Opportunity/Opportunities OPP Office of Pesticide Programs OPP Ontario Provincial Police (Ontario, Canada) OPP Office of Polar Programs (National Science Foundation) PP, and the special-purpose company 52.114 resulted in the creation of Braskem. Copene is shareholder of Polialden Petroquimica S.A. and Politeno S.A.; OPP PP is shareholder of OPP Quimica S.A., Trikem S.A. and Copesul; and the special-purpose company 52.114 is shareholder of Nitrocarbono S.A. The Braskem project involves the combination of all petrochemical interests held by the Odebrecht and Mariani groups. The entity will be the South America's largest integrated petrochemical company, encompassing first- and second-generation companies. Braskem's production capacity will represent approximately 39% of the region's (Southern Cone) polypropylene output, 51% of its PVC PVC: see polyvinyl chloride. PVC in full polyvinyl chloride Synthetic resin, an organic polymer made by treating vinyl chloride monomers with a peroxide. and 31% of its polyethylene. Estimated revenues should exceed BRL BRL In currencies, this is the abbreviation for the Brazilian Real. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 8.0 billion, and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become shall reach BRL3.0 billion through 2004. |
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