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Lusa - Business News - Mozambique: Hidden debts defendant claims VTB bank also took bribes
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Lusa - Business News - Portugal: TAP's expansion depends on Montijo airport – CEO
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CNA - وزيرا خارجية قبرص وسلوفينيا يبحثان العلاقات الثنائية في نيقوسيا اليوم
وكالة الأنباء القبرصية - قبرص / نيقوسيا - مهى ميخائيل
يجري نائب رئيس الوزراء ووزير الخارجية السلوفيني ميرو سيرار زيارة إلى قبرص، يجتمع فيها مع وزير الخارجية نيكوس خريستودوليديس ورئيس...
CNA - المجلس الأوروبي يوافق على استنتاجات مجلس الشؤون الخارجية بشأن عمليات التنقيب غير القانونية لتركيا
وكالة الأنباء القبرصية - بلجييكا / بروكسل - اثاناسيوس اثاناسيو
أيد المجلس الأوروبي استنتاجات مجلس الشؤون الخارجية بشأن عمليات التنقيب غير القانونية التي تقوم بها تركيا وأكد تضامنه مع قبرص، وذلك...
Lusa - Business News - Portugal: PSI20 opens 0.08% down at 5,009.83 points
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Lusa - Business News - Angola: Fitch downgrades outlook for 'B' sovereign debt rating to 'negative'




London, Sept.18,2019 (Lusa) – Credit rating agency Fitch on Wednesday downgraded the outlook for Angola’s sovereign debt to negative from stable, maintaining the rating at B, that is a ‘junk’ rating below investment grade.
The move reflects the worsening of “debt metrics”, the continuing decline in external reserves and an economic recovery that has been slower than anticipated, Fitch's analysts write in their note explaining the decision.
The rating itself, which Fitch has maintained at B, is sustained by the government's capacity to make “significant macroeconomic and budgetary adjustments” and by the country’s “vast” reserves of natural resources, the note states, adding that this is counterbalanced by the economy’s strong reliance on oil revenues and a decline in oil output, high inflation and structural deficiencies.
On the country’s high levels of public indebtedness, Fitch recalls that last year this as a share of gross domestic product rose to 80.2%. It estimates that this year the ratio could rise further to 83.9%, "well above the average" of countries to whose debt Fitch has assigned a B rating.
Despite the relative stabilisation of the debt ratio and the fact that Fitch’s central scenario is for it to decrease from 2020, the risks of its rising - particularly due to further depreciations of Angola’s currency – remain high, the analysts argue. They also note that the lack of solidity of the country’s banks is "a weakness and a contingent hazard" for the economy, and that non-performing loans increased as a proportion of all bank loans to 28% in March of this year from 22.8% a year earlier.
In addition to these problems, Fitch also cites ongoing Angola’s "structural weaknesses" such as the poor performance on governance and development indicators, and the fact that it has the highest level of reliance on raw materials among all countries analysed by Fitch.

MBA/ARO // ARO.
Lusa


Agency : LUSA

Date : 2019-09-19 09:00:00







 

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