The Republic of Angola's fiscal and external profiles have been strengthening rapidly on the back of high oil prices as well as structural reforms. The country has also made substantial progress in clearing up its supplier-related arrears. As a result, we are raising the long-term foreign- and local-currency sovereign credit ratings on Angola by one notch to 'BB-'. The outlook is stable. On July 12, 2011, Standard&Poor's Ratings Services raised its long-term foreign and local sovereign credit ratings on the Republic of Angola to 'BB-' from 'B+'. We are affirming the 'B' foreign- and local-currency short-term sovereign credit ratings. At the same time, we are revising Angola's transfer and convertibility (T&C) assessment to 'BB-' from 'B+'. The outlook
