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South Africa


BB+ (stable)

BB- (stable)


Ba2 (positive)

Ba2 (stable)


  • On 28 October 2022, S&P upgraded Sasol’s rating from BB to BB+ on the back of debt reduction, and improved cash flow generation supported by stronger commodity prices and improved efficiency; revising the outlook from positive to The stable outlook reflects that recent debt reduction and supportive oil prices will offset near-term headwinds and allow Sasol to maintain FFO to debt above 45% on average in the coming years.
  • In April 2022, Moody’s affirmed Sasol’s rating of Ba2 but changes its outlook to positive from negative, as a direct consequence of the sovereign rating action. Moody’s cited that the change in outlook to positive reflects the company’s recent strong performance adherence to the disposal and deleveraging strategy put in place during 2022.  The positive outlook reflects Moody’s expectation that Sasol’s credit metrics will continue to improve supported by high commodity prices and could be upgraded if Sasol’s Debt/EBITDA is sustained at 2.5x or below through economic volatility and commodity price cycles, whilst strong liquidity is maintained over the next 12 to 18 months.

South Africa

  • In May 2022, S&P affirmed South Africa's credit rating at BB- and revised the outlook from stable to positive. S&P cited that recent favourable terms of trade in South Africa have improved the external and fiscal trajectory.  They also noted improvement in the implementation of key reform targets and higher than expected tax revenue with a focus on debt stabilisation.
  • In April 2022, Moody’s affirmed South Africa’s Ba2 rating but changed its outlook to stable from negative. Moody’s cited that the key driver behind the decision to change the outlook to stable is the improved fiscal outlook that raises the likelihood of the government’s debt burden stabilising over the medium term.