S&P rates Sasol notes BB

S&P said it assigned its BB issue rating to Sasol Financing USA LLC’s planned senior unsecured notes. The issuer is a wholly-owned financing subsidiary of Sasol Ltd. The recovery rating is 3, indicating an expectation of meaningful recovery (50%-70%; rounded estimate: 65%) in default.

“Our issuer credit ratings on Sasol Ltd. and BB issue ratings on the senior unsecured debt issued by Sasol Financing USA LLC and Sasol Financing International Ltd. remain unchanged,” the agency said in a press release.

The proceeds will be used to repay a portion of borrowings under its $3.9 billion revolving credit facility, which matures in 2024.

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