S&P lifts Sasol Financing from junk

S&P said it raised to BBB- from BB+ its long-term foreign currency issue credit rating on Sasol Financing International Ltd.'s $1 billion 4.5% senior unsecured notes due 2022 (the existing issue). These notes are guaranteed by Sasol Ltd. (BBB-/stable/A-3).

At the same time, S&P removed the rating from CreditWatch with positive implications, where S&P had placed it on Sept. 11.

The BBB- issue credit ratings on Sasol Financing USA LLC's $1.5 billion 5.875% senior unsecured notes due 2024 and its $750 million 6.5% senior unsecured notes due 2028 (the new issues) remain unchanged. The new issues are also guaranteed by Sasol Ltd.

“The CreditWatch placement indicated that if Sasol Financing USA LLC were to successfully issue at least $1 billion and use it to partly prepay the $4 billion Lake Charles Chemicals Project (LCCP) project finance facility, it would have a positive impact on our assessment of the existing issue's subordination risk,” S&P said in a news release.

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