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Moody's downgrades Angola

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Moody's downgrades Angola

Moody's on April 29 lowered to B1 from Ba2, with a negativeoutlook, the long-term issuer and senior unsecured debt ratings on Angola.

The action reflects the agency's assessment that the Angolanstate's financial position and its external position have worsened as a resultof the fall in oil prices. Moody's also cited the country's high dependence onhydrocarbons as a pressure to its economic strength.

The outlook reflects mainly the ongoing pressure on thecountry's currency and on its foreign exchange reserves, due to imbalances inthe foreign exchange market.

Moody's also lowered Angola's long-term local-currency bondand deposits country ceilings to Ba1 from Baa3; the long-term foreign-currencybond ceiling to Ba3 from Ba1; and the long-term foreign-currency depositceiling to B2 from Ba3.

The agency affirmed the Not-Prime short-term issuer ratings.

The ratings actions conclude a for downgrade initiated by theagency in March.