Low oil prices, rapid currency depreciation, and the economic impact of COVID-19 are accentuating Angola's external and fiscal deficits and increasing financing pressure. The ongoing debt reprofiling initiatives with official lenders could provide some immediate breathing space. We are therefore affirming our ratings on Angola at 'CCC+/C'. The outlook is stable. On Aug. 7, 2020, S&P Global Ratings affirmed its 'CCC+/C' long- and short-term foreign and local currency sovereign credit ratings on Angola. The outlook is stable. The stable outlook balances the risks associated with the large external funding needs, against our expectation of reduced near-term debt-servicing requirements following restructuring agreements with bilateral lenders. We could lower the ratings if the government's external debt service were to surpass our projections,
