February 14, 2014 / 6:06 AM / 4 years ago

S&P affirms Angola at 'BB-/B', outlook stable

SYDNEY, Feb 14 (Reuters) - Standard and Poor’s Ratings Services affirmed Angola’s long and short-term foreign and local currency sovereign credit ratings at BB-/B, with a stable outlook on Friday.

The credit ratings agency said the rating balances the view of Angola’s strong oil revenues and low fiscal and external debt burdens against its political succession risk, insitutional weaknesses and lack of development outside the oil sector.

“The stable outlook indicates that we see a less than one-in-three chance that we will raise or lower our ratings on Angola in the next 12 months,” S&P said in a statement. (Reporting by Thuy Ong; Editing by Kim Coghill)

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