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Moody's assigns Sasol bonds Ba2
Moody's Investors Service said it assigned Ba2 ratings to Sasol Ltd.'s proposed senior unsecured bonds that will be issued by Sasol Financing USA LLC and will be guaranteed by Sasol.
Sasol's Ba2 corporate family rating and Ba2 ratings on its senior unsecured bonds issued by Sasol Financing International Ltd. and Sasol Financing USA are unaffected, Moody’s said. The negative outlook is also unchanged.
“The Ba2 ratings assigned to the proposed bonds are the same as Sasol's Ba2 CFR and reflect the pari passu ranking of the debt relative to all of Sasol's other unsecured and unsubordinated indebtedness. The transaction is leverage neutral as the issuance proceeds will be used to repay a portion of Sasol's $3.9 billion revolving credit facility (RCF) of which about $3 billion was outstanding as at Dec. 31, 2020,” Moody’s said in a press release.
The notes will extend Sasol's debt maturity profile and improve its liquidity by creating additional availability under its revolver, the agency said.
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