On December 15, Fitch Ratings confirmed Angola's position with the long-term issuer default rating (IDR) in foreign currencies at “B”. The outlook is stable.

Angola's IDRs balance low governance indicators, high inflation, high levels of public debt denominated in foreign currencies, and one of the highest levels of commodity dependence among sovereign states rated by Fitch. The agency expects Angola to continue to register large current account surpluses, although they will shrink to 5.1% of GDP in 2023, from 9.5% in 2022, mainly reflecting the drop in Brent prices to an average of 82 USD/barrel from 98 USD/barrel in 2022. Fitch considers that currency liquidity in the Angolan economy remained limited in 2S23, following the sharp depreciation of 35% of the Kwanza in June, because we understand that the Angolan Treasury remained absent from the domestic exchange market until November, due to significant external debt repayments