Moody's may up Angola

Moody's Investors Service said it placed Angola's B1 foreign- and local-currency government bond ratings on review for possible upgrade, along with its foreign-currency ceilings for bonds and deposits, which are currently Ba3 and B2, respectively.

The review was prompted by the strengthening of Angola's fiscal and external accounts on the back of the 2010 recovery in oil prices, Moody's said, and the significant progress the country has made toward paying down its arrears.

The review, which is expected to take three months, will focus on the sustainability of recent improvements in Angola's fiscal and external metrics and the clearing of arrears built up during the global financial crisis, the agency said.

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