We are assigning our 'B+' long-term and 'B' short-term foreign and local currency sovereign credit ratings to the Republic of Angola. The ratings on Angola are supported primarily by our view of the country's large hydrocarbon endowment, strong growth prospects, and low government and external debt levels. The ratings are constrained by our view of the country's narrow economic base, its short and mixed financial and economic policy track record, and weaknesses in governance and institutions. The stable outlook reflects the balance between Angola's weaknesses in macroeconomic management and dependency on oil exports, against its low government and external debt levels and growing oil production capacity. On May 19, 2010, Standard&Poor's Ratings Services assigned its 'B+' long-term and
