Following the sharp fall in international oil prices in recent months, we have significantly lowered our oil price assumptions for 2015-2018. We now expect that Angola's fiscal position will deteriorate markedly, averaging a deficit of 5% of GDP over 2015-2017, versus a surplus of 1% of GDP in our August 2014 review. Consequently, we are lowering our sovereign credit ratings on Angola to 'B+/B' from 'BB-/B'. The stable outlook reflects the substantial fiscal and external buffers available to the government and monetary authorities to control the impact of a prolonged decline in oil prices. On Feb. 13, 2015, Standard&Poor's Ratings Services lowered its long-term foreign and local currency sovereign credit ratings on the Republic of Angola to 'B+/B'
