LONDON (Standard&Poor's) July 23, 2010--Standard and Poor's Ratings Services said today that while trade arrears payable to domestic and foreign firms were a significant concern for the Republic of Angola (foreign currency B+/Stable/B), revised figures released by the Angolan government earlier this week showing arrears payable amounting to US$9 billion will not have an immediate impact on either the ratings or outlook on the sovereign. We already factor in a high level of trade arrears in the current ratings (see research update titled "Republic of Angola Assigned 'B+/B' Sovereign Credit Ratings; Outlook Stable; 126th Rated Sovereign," published May 19, 2010, on RatingsDirect). In addition, with current high oil prices, we anticipate that government revenues will rise significantly, allowing
