OVERVIEW We are affirming our long- and short-term foreign and local currency sovereign credit ratings on the Republic of Angola at 'BB-/B'. The stable outlook balances our view of Angola's low fiscal and external debt burdens and rising foreign exchange reserves against its political succession risk, institutional weaknesses, and lack of development outside the oil sector. RATING ACTION On Aug. 30, 2013, Standard&Poor's Ratings Services affirmed its long- and short-term foreign and local currency sovereign credit ratings on the Republic of Angola at 'BB-/B'. The outlook is stable. The transfer and convertibility assessment remains at 'BB-'. RATIONALE The ratings on Angola are constrained by what we view as its weak institutions, low level of development outside the oil
