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Bond Market News
Sibanye Stillwater Upgraded to BB by S&P
April 14, 2026
Sibanye-Stillwater was upgraded by a notch to BB from BB- by S&P. The upgrade came as a result of its stronger-than-expected earnings and disciplined financial management. The improvement was fueled by a recovery in platinum group metals (PGM) prices starting in early 2024, supported by tight supply and resilient investor demand, along with record-high gold prices. S&P revised the company’s adjusted EBITDA upwards to ZAR 32–47bn ($1.95-2.86bn) annually over 2026–27, with debt-to-EBITDA projected at 1.3–1.8x. Sibanye-Stillwater’s revised financial policy prioritizes balance sheet discipline over its historically acquisition-led growth model. The company is targeting a 50% reduction in gross debt by 2028 and aims to keep reported net debt-to-EBITDA at or below 1.0x through the cycle. Early execution of this strategy includes repaying ZAR 2.5bn ($150mn) under its revolving credit facility and a decision to refinance only $500mn of the $675mn in notes due in 2026. Liquidity remains strong, with ZAR 17.2bn ($1.1bn) in cash and ZAR 21.1bn ($1.3bn) in available facilities. Despite this progress, S&P flagged that Sibanye-Stillwater’s business profile remains constrained by heavy reliance on PGM-driven cash flows.
It’s dollar bonds traded stable with the 4.5% 2029s at 94.8, yielding 6.1%
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