Fitch downgrades Angola to B-

Fitch Ratings said it downgraded Angola's long-term foreign-currency issuer default rating to B- from B. The outlook is stable.

The downgrade of Angola's ratings mirrors the effect of lower oil production and lower oil prices and sharper-than-expected kwanza depreciation, which has increased public debt levels and external debt servicing costs while international reserve levels have also declined.

`Solid progress on reforms in the context of an International Monetary Fund-supported macroeconomic program has not been sufficient to stop the deterioration in public and external finances. Moreover, while government debt is expected to decline rapidly under the program, risks to this scenario are now elevated, Fitch said.

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