S&P upgrades Sasol

Standard & Poor's said it raised its long-term foreign currency corporate credit rating on South Africa-based Sasol Ltd. to BBB+ from BBB following the upgrade of the foreign currency issuer credit ratings on the Republic of South Africa to BBB+/stable/A-2.

At the same time, the A-2 short-term foreign currency corporate credit rating on the company was affirmed.

The outlook is stable.

The foreign currency rating on Sasol was previously capped by the rating on the sovereign. Owing to the upgrade of the latter, the BBB+ rating on Sasol now reflects the company's intrinsic credit quality, S&P said.

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