Luanda — The financial ratings agency Moody's Investors Service (Moody's), in New York, United States of America, Monday raised the long-term foreign and local currency issue rating of the Angolan government from Caa1 to B3, maintaining a stable outlook.
The senior rating, unsecured long-term foreign currency rating and the senior MTN programme ratings, also unsecured, were thus raised from Caa1 to B3, respectively.
The short-term foreign and local currency issuer ratings were affirmed at Not Prime (NP).
The decision to upgrade the rating is driven by Moody's assessment that Angola's sovereign credit profile is improving, to be consistent with its peers at the B3 rating level.
Stronger governance, particularly in the quality of the country's executive and legislative institutions, although at weak levels, is reflected in several aspects of the credit profile which Moody's expects to be maintained.