Moody's rates Banco de Fomento Angola B3

Moody's Investors Service said it assigned B3/not-prime local-currency long-term and short-term deposit ratings and Caa1/not-prime foreign-currency long-term and short-term deposit ratings to Banco de Fomento Angola, SA.

The bank's B3 local-currency deposit rating is constrained by Angola's issuer rating of B3, while its foreign-currency deposit rating is constrained by Angola's foreign-currency deposit rating ceiling of Caa1.

The agency also said it assigned a counterparty risk assessment of B2(cr) and a counterparty risk rating of B2/not-prime.

The outlook is stable.

The ratings reflect its robust balance sheet and resilient profitability against Angola's volatile macro conditions, which effectively constrain the bank's baseline credit assessment at the level of Angola's B3 rating, Moody's said.

These strengths are moderated by difficult operating conditions in Angola, its weak macroeconomic environment and challenging foreign-exchange conditions, the agency said.

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