Slower economic growth resulting from the low oil price environment continues to hurt Angola's oil and non-oil economic sectors. However, we think that further fiscal and external deficit deteriorations will be minimized and we expect oil-price led improvements over the next two years. Moreover, the government has sizable liquid assets for a 'B' rated sovereign. Consequently, we are revising our outlook on Angola to negative from stable and affirming our 'B/B' long and short-term sovereign credit ratings. The negative outlook reflects Angola's weakening economy, exhibited by a slower pace of economic growth this year, which we think may be prolonged absent further government policy responses. On Aug. 12, 2016, S&P Global Ratings revised its outlook on the Republic of Angola
