Angola credit rating maintained at B- by S&P

Standard & Poor’s (S&P) has maintained Angola’s credit rating at B- with a stable outlook. The agency noted that while oil prices remain higher than those projected in the 2026 budget, limited production volumes are restricting the potential benefits of these higher prices.

Public finances face risks of falling short of targets due to rising fuel subsidy expenses expected in 2026 and high spending anticipated ahead of the 2027 elections. Angola faces significant debt service obligations, with projected payments of $6.5 billion this year, $9.1 billion next year, and $11 billion in 2028.

S&P expects the country to honor its financial commitments, citing various financial management initiatives implemented in the first half of the year. However, economic stability remains heavily dependent on favorable oil prices and maintaining production levels above 1 million barrels per day.