Standard & Poor’s raises Angola’s credit rating

13 July 2011

New York, United States, 13 July – Financial credit rating agency Standard & Poor’s (S&P) has raised its credit risk assessment on Angola’s sovereign debt from “B+” to “BB-“ as it considers the country’s budgetary and commercial situation, “has strengthened rapidly.”

This strengthening has been bolstered by high oil prices and, also, by structural reforms carried out and by “substantial progress in clarifying delays in payments to suppliers built up in 2008 and 2009.”

For these reasons S&P rated the country’s long terms debt in foreign currency and in local currency at “BB-” with a stable outlook.

Last May, Fitch Ratings raised its rating on Angolan debt to “BB-“. (macauhub)