Fitch rates Angola B+

May 20, 2010

Fitch Ratings has issued the Republic of Angola with a B+ rating and given it a positive outlook.

In a statement issued yesterday (May 19th), Director of Fitch's Sovereign Group Veronica Kalema said it has based its view on Angola's "substantial natural resources endowment and strong growth record and prospects".

The country, which saw its gross domestic product grow by an average of 13.4 per cent between 2003 and 2009, has been benefiting from investment in infrastructure and its oil industry, as well as "rising oil production and improved macroeconomic stability", she added.

Its B+ rating applies to the long-term foreign and local currency Issuer Default Ratings (IDR), with the short-term currency IDR being granted a B and the Country Ceiling being set at B+.

Fitch noted that despite improvements in Angola there are still a number of issues that need to be addressed, notably the gap in the country's infrastructure.

Its economy is largely dominated by the production of oil, which makes up 90 per cent of its exports.