Higher oil revenue and favorable currency movements over 2022 will support Angola's economic recovery, together with material improvements in debt metrics. However, rising international costs of food and refined fuel will drive inflationary pressure and moderate external surpluses from 2022. Government debt servicing costs remain elevated compared with those of several similarly rated peers. We therefore affirmed our 'B-/B' long-and short-term sovereign credit ratings on Angola. The outlook remains stable. On Aug. 5, 2022, S&P Global Ratings affirmed its 'B-' long-term and 'B' short-term sovereign credit ratings on Angola. The outlook remains stable. The stable outlook balances the country's still-large external funding needs and financing risks over the next 12 months, amid rising global headwinds, against broadly stabilizing government debt
