...OVERVIEW We consider that the lower-than-expected Brent oil price assumptions for 2016- + 2019 are weakening our projections for Angola's external stocks and flows and the pace of economic growth given the country's dependence on the oil sector. Additionally, the government's domestic and external borrowings, along with the + weakening exchange rate, have increased the government's debt burden, and we expect that Angola's gross debt will reach 50% of GDP this year. Consequently, we are lowering our long-term sovereign credit ratings on Angola to + 'B' from 'B+' and affirming the short-term ratings at 'B'. The stable outlook reflects our view that current account deficits will gradually + fall over the medium term, which will reduce external financing risks while the government's policy responses aim to limit further fiscal and debt deterioration. RATING ACTION On Feb. 12, 2016, Standard & Poor's Ratings Services lowered its long-term foreign and local sovereign credit ratings on the Republic...
