Low oil prices, rapid currency depreciation, and large external debt redemptions raise concerns over Angola's debt sustainability in the medium term. However, debt restructuring arrangements with official lenders provide some breathing space until 2023. These arrangements with official lenders do not constitute an event of default under our criteria. We are therefore affirming our ratings on Angola at 'CCC+/C' and maintaining the stable outlook. On Feb. 5, 2021, S&P Global Ratings affirmed its 'CCC+/C' long- and short-term foreign and local currency sovereign credit ratings on Angola. The outlook is stable. The stable outlook balances the risks associated with the large external funding needs against reduced near-term debt-servicing requirements following restructuring agreements with bilateral lenders. We could lower the rating if
