We expect sharply lower oil prices, compounded by the economic damage caused by the COVID-19 pandemic, to significantly weaken Congo-Brazzaville's external and fiscal positions in 2020 and 2021. The country's ability to meet its financial commitments will depend on favorable business, financial, and economic conditions. We are therefore lowering our ratings on Congo-Brazzaville to 'CCC+/C' from 'B-/B'. The outlook is stable. On Sept. 4, 2020, S&P Global Ratings lowered its long- and short-term foreign and local currency sovereign credit ratings on Congo-Brazzaville to 'CCC+/C' from 'B-/B'. The outlook is stable. The stable outlook balances our expectation of improving oil prices and volumes from next year against ongoing institutional risks, high general government debt, and limited financial buffers. We could lower
