Fitch Ratings on May 6 revised the outlook on the long-termforeign- and local-currency issuer default ratings of Gabon to negative fromstable and affirmed them at B+.
The revision reflects, among other factors, the agency's viewthat lower oil prices are adversely affecting Gabon's economy, public financesand external position. Gabon is highly dependent onthe oil sector, despite efforts from the government to diversify the economy,Fitch noted.
According to Fitch, Gabon's B+ ratings reflect a high GDPper capita relative to peers and a stable macroeconomic environment, supportedby membership of the franc zone of the Central African Economic and MonetaryCommunity.
Meanwhile, the agency affirmed theshort-term issuer default ratings at B.