PARIS: Standard and Poor’s cut Angola’s credit rating one nick to B on Friday due to a impact of low wanton prices on a oil-exporting African nation, as good as a unemployment in a currency. The credit ratings group pronounced a awaiting of low oil prices stability for a subsequent integrate of years would deteriorate “Angola’s outmost flows and stocks, supervision debt stocks, and a gait of mercantile expansion given a country’s coherence on a oil sector.” Standard and Poor’s pronounced oil income accounts for two-thirds of a Angolan government’s income and 90% of exports. As unfamiliar banking gain from oil have fallen, so has a inhabitant currency, a kwanza, losing some-more than 30% of a value opposite a dollars over a past year. Government debt has swelled from reduction than 5% of annual mercantile outlay 3 years ago and is approaching to strike 50% this year.
Published in The Express Tribune, Feb 14th, 2016.