ֳ

Rating Action Commentary

ֳ Rates Angola's USD1.5bn Bond 'B+'

Thu 05 Nov, 2015 - 10:18 AM ET

ֳ-London-05 November 2015: ֳ has assigned Angola's USD1.5bn bond maturing in November 2025 a rating of 'B+'.

KEY RATING DRIVERS
The rating is in line with Angola's Long-term foreign currency Issuer Default Rating (IDR) of 'B+' with Stable Outlook.

RATING SENSITIVITIES
The bond's rating would be sensitive to any changes in Angola's Long-term foreign-currency IDR. In September 2015, ֳ downgraded Angola's Long-term foreign currency IDR to 'B+' with a Stable Outlook.

Contact:
Primary Analyst
Carmen Altenkirch
Director
+44 20 3530 1511
ֳ Limited
30 North Colonnade
London E14 5GN

Secondary Analyst
Jermaine Leonard
Director
+852 2263 9830

Committee Chairperson
Douglas Renwick
Senior Director
+44 20 3530 1045

Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com.

Additional information is available at .

Applicable Criteria
Country Ceilings (pub. 20 Aug 2015)
Sovereign Rating Criteria (pub. 12 Aug 2014)

Additional Disclosures
Dodd-Frank Rating Information Disclosure Form
Solicitation Status
Endorsement Policy


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PARTICIPATION STATUS

The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer’s available public disclosure.

Solicitation Status

The ratings above were solicited and assigned or maintained at the request of the rated entity/issuer or a related third party. Any exceptions follow below.

ENDORSEMENT POLICY

ֳ's approach to ratings endorsement so that ratings produced outside the EU may be used by regulated entities within the EU for regulatory purposes, pursuant to the terms of the EU Regulation with respect to credit rating agencies, can be found on the EU Regulatory Disclosures page. The endorsement status of all International ratings is provided within the entity summary page for each rated entity and in the transaction detail pages for all structured finance transactions on the ֳ website. These disclosures are updated on a daily basis.