Recent sharp falls in oil prices are accentuating Angola's external and fiscal deficits and increasing financing pressures. IMF program support is likely to be insufficient to cover funding needs, forcing Angola to pursue external commercial sources, which are now difficult to access given the current turmoil in global markets. We are therefore lowering our ratings to 'CCC+' from 'B-'. The outlook is stable. On March 26, 2020, S&P Global Ratings lowered Angola's long-term foreign and local ratings to 'CCC+' from 'B-'. We also lowered our short-term sovereign credit ratings on Angola to 'C' from 'B'. As a "sovereign rating" (as defined in EU CRA Regulation 1060/2009 "EU CRA Regulation"), the ratings on Angola are subject to certain publication restrictions set
