Weak institutions and weak economic management. Low level of development outside the oil sector. Political succession risk and underlying political tensions. Generous oil and gas reserves and strong oil revenues. Low fiscal debt burden and strong external balance sheet. Strong growth performance. The ratings on the Republic of Angola are supported primarily by our view of the country's large hydrocarbon endowment, strong growth prospects, and low government and external debt levels. In addition, Angola's level of prosperity (measured as GDP per capita), exceeds several 'BB-' rated peers including Bangladesh, and Mongolia (although there is huge income disparity in Angola). However, the ratings are constrained by what we believe are weak institutions, a low level of development outside the oil sector,
