Fitch alters Angola view to positive

Fitch Ratings said it revised Angola's outlook to positive from stable and affirmed its long-term foreign-currency issuer default rating at B-.

“Higher oil prices and our expectation of continued expenditure restraint will lead to an improvement in Angola's fiscal outlook. The central government (CG) cash balance shifted to a surplus of 5.3% of GDP in 2021 (from a 1.1% deficit in 2020) due to a substantial increase in oil revenue (60% of government revenue including grants). Our Brent oil price assumptions imply the oil market backdrop should remain supportive for Angola's public finances, which combined with stronger growth will lead to a fiscal surplus of 4.3% of GDP in 2022,” the agency said in a press release.

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