S&P cuts Republic of Congo

Standard & Poor’s said it lowered its foreign and local currency long-term sovereign credit ratings on the Republic of Congo to B- from B. The outlook is stable.

S&P affirmed the B short-term foreign and local currency sovereign credit ratings.

S&P said the downgrade stems from the agency’s view that pressures on Congo's external accounts and public finances have increased significantly and will likely result in higher current account and fiscal deficits than S&P previously expected, primarily reflecting the sharp drop in oil prices.

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