Moody’s reviews Angola

Moody's Investors Service said it placed the B2 long-term issuer ratings and the senior unsecured rating of the Government of Angola under review for downgrade.

The short-term issuer ratings were affirmed at Not-Prime.

“The decision to place the rating on review for downgrade was prompted by the deterioration of the government's balance sheet and increase in gross borrowing requirements compared with Moody's expectations in October 2017 when Angola's rating was downgraded to B2, as a result of the government's assumption of the national oil company's debt, significant recognition of arrears (not yet fully audited) and the sharp depreciation of the currency following the introduction of a more flexible exchange rate,” the agency said in a news release.

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