S&P downgrades Sasol debt

S&P said it removed the senior unsecured issue-level rating for Sasol Financing International Ltd. from under criteria observation and lowered the issue rating on its $1 billion senior unsecured debt, guaranteed by Sasol Ltd., to BB+ from BBB-.

The agency said the actions stem solely from the application of its revised issue rating criteria and do not reflect any change in the assessment of the corporate credit ratings.

S&P said the rating takes into consideration Sasol’s capital structure, which consists of ZAR 76.3 billion total debt as of June 30 (excluding lease finance and non-recourse project debt).

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