S&P assigns BBB- to Sasol notes

S&P said it assigned its BBB- long-term foreign currency issue credit rating to Sasol Financing USA LLC's proposed senior unsecured notes of a minimum of $1 billion, guaranteed by South African chemicals and energy company Sasol Ltd.

At the same time, S&P placed on CreditWatch positive the existing BB+ issue rating on Sasol Financing International Ltd.'s $1 billion 4½% senior unsecured notes guaranteed by Sasol Ltd, which are due in 2022.

The CreditWatch reflects the potential positive impact that the successful issuance of the proposed notes may have on our assessment of the existing issue's subordination risk, S&P said.

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