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Credit Rating

  Sasol South Africa
MOODY'S Ba2 (negative) Ba2 (negative)
S&P GLOBAL RATINGS  BB, positive BB-, stable


  • On 18 October 2021, S&P affirmed Sasol’s BB rating and revised the outlook from negative to positive on the back of significant debt reduction, stronger cashflow generation and liquidity, and restored headroom in its financial profile. The positive outlook reflects the materially increased headroom in Sasol’s credit metrics, and the expectation that rating upside could materialise over the next 12 months if Sasol maintains its ratio of FFO/Net debt substantially above 30%.
  • In October 2020, Moody’s affirmed Sasol’s rating of Ba2 but changed its outlook to negative from under review for downgrade.

South Africa

  • In May 2021, S&P affirmed South Africa's credit rating at BB-, maintaining a stable outlook. S&P cited an cyclical uplift following the contraction experienced in 2020 with improvement in trades from higher commodity prices, however, numerous structural constraints, including energy shortages and slow economic reforms amongst others continue to limit governments ability to contain the debt-to-GDP ratio. South Africa’s monetary flexibility, freely floating exchange rate and its deep financial markets are credit strengths
  • In November 2020, Moody’s downgraded South Africa from Ba1 to Ba2 maintaining a negative outlook. Moody’s cited that the key driver behind the downgrade is the further expected weakening in South Africa’s fiscal strength over the medium term.