S&P downgrades outlook for Angola
The country's economy is hit by falling oil prices.US rating agency Standard & Poor’s (S&P) has revised its outlook for Angola from stable to negative.
It said the outlook revision reflects the continued weakening of Angola's fiscal and external positions since its last review in February 2015.
The oil producing nation has been hit by falling crude prices,
"which have led to fiscal and external deficits for Angola in 2014, which we forecast will widen further in 2015 before moderating slightly from 2016," S&P said.
The credit rating of public debt of Angola was held at 'B+', which is four levels below what is considered "investment grade".
It said it would consider revising the outlook to stable in case of a marked strengthening of Angola's external and fiscal accounts along with supportive policy measures, such as an easing of capital controls or faster reduction in fuel subsidies.
S&P forecasts that the Angolan economy will grow by 3.5 per cent in 2016, four per cent in 2017 and five per cent the following year.