Fitch: Angola outlook negative

Fitch Ratings said it has revised the outlook on Angola's long-term foreign and local currency issuer default ratings to negative from stable and affirmed the issuer default ratings at BB-.

The country ceiling has been affirmed at BB- and the short-term foreign currency issuer default rating at B, Fitch stated.

The revision of the outlook on Angola's issuer default ratings reflects that the agency expects Angola's economy to slow as a result of a sharp fall in government expenditure, a shortage of dollar liquidity and uncertainty about the future direction of oil prices constrains activity in the non-oil economy.

Fitch expects growth to moderate to 3.3% in 2015 from 4.4% in 2014 and 6.8% in 2013.

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