UPDATE 2-S&P cuts Brazil's petrochemical firm Braskem to junk

(Adds details from S&P's report in paragraph 3, and Braskem comments in paragraph 4)

SAO PAULO, Feb 26 (Reuters) - S&P on Monday downgraded Brazilian petrochemical producer Braskem's global rating to "BB+" from "BBB-", removing the last investment-grade rating the firm held with the big-three ratings agencies.

"After difficult petrochemical industry conditions in 2023, we believe that the rebound in petrochemical spreads will take longer than previously expected", S&P said in a report.

The rating agency added that as a result of this outlook, it expects weaker profitability, and consequently, higher leverage for Braskem until 2025.

In a securities filing, Braskem said it was committed to maintaining its liquidity position and costs discipline, as well as to the continuity of measures to reduce its corporate leverage.

In December, Braskem had already lost its investment-grade by Fitch and was downgraded deep into junk territory by Moody's, amid new damage claims at the time over sinking ground in the city of Maceio.

S&P has a stable outlook for Braskem. (Reporting by Andre Romani; Editing by Steven Grattan; Editing by Josie Kao)