Angola's capacity to repay its commercial debt obligations is constrained by its elevated fiscal and external vulnerabilities. The government's debt service costs are lower in 2024 following prepayment of Chinese loans, but the government's creditworthiness will remain susceptible to adverse exchange rate movements and oil sector dynamics until there is significant diversification away from hydrocarbons. The Angolan authorities recently released rebased GDP data which indicates that the economy is approximately 13% larger than previously stated; nevertheless, economic growth, particularly on a per capita basis, remains low due to successive shocks and high inflation. We therefore affirmed our 'B-/B' long- and short-term sovereign credit ratings on Angola. The outlook remains stable. On Aug. 16, 2024, S&P Global Ratings affirmed its 'B-'
