South African petrochemicals group Sasol said on Monday that ratings agency Moody’s has decoupled the company from the sovereign rating, which would allow it to have higher ratings and borrow more cheaply than the government.

A Moody’s sign is displayed on 7 World Trade Center, the company’s corporate headquarters in New York, February 6, 2013. REUTERS/Brendan McDermid

Sasol chief financial officer Paul Victor made the comments during the presentation of the company’s interim results which showed a 17 percent increase in earnings, boosted by higher oil prices. Moody’s is currently the only major ratings agency that ranks South African debt as investment grade.