S&P affirms Angola

Standard & Poor's said it affirmed the long-term foreign- and local-currency sovereign credit ratings on the Republic of Angola at BB-.

The agency also affirmed the country's B short-term foreign- and local-currency sovereign credit ratings. The transfer and convertibility assessment of BB- also was affirmed.

The outlook is stable.

The ratings are constrained by the country's weak institutions, a low level of development outside the oil sector, persistent double-digit inflation and political succession risk and related political tensions, S&P said.

The ratings are supported primarily by the country's large hydrocarbon endowment, strong growth prospects and low government and external debt levels, the agency said.

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