Standard & Poor’s (S&P) has revised its outlook on Angola’s credit rating from Stable to Negative due to the deterioration of public accounts as a result of falling oil prices, according to a statement issued Friday.
“Low oil prices have produced fiscal and external deficits in Angola in 2014 and we expect this trend will worsen this year, and be slightly lower in 2016,” the analysts from the US sovereign and private debt-rating agency said.
The credit rating of public debt of Angola was held at “B+” four levels below what is considered “investment grade.”
In the statement, S&P forecast that Angola would post growth of 3.5 percent this year, following over 4.7 percent in2 014, and that the Angolan economy would grow 3.5 percent in 2016 and 4.0 percent and 5.0 percent in the following two years, respectively. (macauhub/AO)