Following sharp currency depreciation and lower oil production, Angola's public debt stock and debt-service costs as a percentage of GDP will increase markedly over 2023, and it will also face significant redemptions from 2024. Oil production volumes have fallen in recent months and high exposure to oil production volatility poses risk to growth and the fiscal position. Supportive oil prices (which we forecast to average $85 per barrel through 2026) and gradual fiscal consolidation will, however, prevent a more substantial deterioration in fiscal and debt metrics. We therefore affirmed our 'B-/B' long- and short-term sovereign credit ratings on Angola and maintained the stable outlook. On Aug. 18, 2023, S&P Global Ratings affirmed its 'B-' long-term and 'B' short-term sovereign credit
