This report supplements our research update "Ratings On Republic of Angola Affirmed At 'BB-/B'; Outlook Stable," published on Aug. 30, 2013. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The ratings on Angola are constrained by what we view as its weak institutions, low level of development outside the oil sector, political succession risk, and underlying political tensions. The ratings are supported primarily by the country's large oil and gas sector, strong growth prospects, reasonably low government and external debt levels, and its net external creditor position. Additionally, Angola's GDP per
