Angola's downgrade by Fitch Ratings over the weekend, amid falling crude oil prices, has been shrugged off with the government saying it had taken the right steps to shield the oil-dependent economy.
The ratings agency cut Angola's credit rating to B+ from BB- with a stable outlook pointing out that the southern African nation’s “heavy reliance on revenues from oil exports left it exposed to sharp price decreases”.
"I'm not worried about the downward revision by Fitch, because the medium-term economic outlook is stable," Angola’s foreign minister, Georges Chikoti, was cited by Reuters news agency as saying, adding that the country has already reacted well to oil dependence and the devaluation of the national currency.
