Moody’s cuts Angola, changes view

Moody's Investors Service said it downgraded the long-term issuer and senior unsecured ratings of Angola to B2 from B1 and changed the outlook to stable from negative.

The agency also affirmed Angola's short-term issuer ratings at Not Prime.

Moody’s said the key drivers supporting the downgrade are lower economic strength in light of the diminished medium-term growth outlook and decreased fiscal strength with debt nearly doubling in the past four years, while liquidity risk remains elevated due to significant gross borrowing requirements.

The stable outlook reflects the broadly balanced credit pressures at the B2 rating level, with a gradual recovery supported by the oil sector, albeit still well below the average growth rate recorded in the preceding decade.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.