S&P lowers Sasol

S&P said it downgraded Sasol and its debt to BB from BBB- citing falling demand for its products linked to the coronavirus pandemic.

“The oil, gas and chemicals businesses are exposed to lower commodities prices and Covid-19-related pullback in demand. Sasol is a South Africa-based integrated chemicals and energy business group, producing liquid fuels, oil and condensates, gas, and commodity and specialty chemicals,” said S&P in a press release.

Also, Sasol's U.S. dollar-denominated debt exposes the company’s leverage metrics to period-end rand weakness, S&P said.

The outlook is negative.

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