Low oil prices have led to fiscal and external deficits for Angola in 2014, which we forecast will widen further in 2015 before moderating slightly from 2016. Nevetheless, higher oil production enabled the economy to expand by 4.7% in real terms in 2014, and we forecast growth of about 4% annually through to 2018. We are revising our outlook on Angola to negative from stable and affirming our 'B+/B' ratings. The negative outlook indicates that we could lower our long-term rating on Angola if the country's external or fiscal positions continue to deteriorate over the next year. On Aug. 14, 2015, Standard&Poor's Ratings Services revised its outlook on the Republic of Angola to negative from stable. At the
