Moody's upgrades Angola citing fiscal improvement and paydown of debt
More good news coming out of the non-Arab developing world. This also follows nicely with our thesis that Africa will be the fastest growing region for the next ten years. Not only does Africa have population growth highest on the planet, it is improving in both good governance, rule of law and infrastructure. If they can survive the Arab onslaught, they should be in a much better place. Africa is world is much more democratic and respectful of human rights than the Arab street. Via Moody's:
Moody's Investors Service has today placed Angola's B1 foreign and local currency government bond ratings on review for possible upgrade.
Today's rating action is motivated by the strengthening of Angola's fiscal and external accounts, on the back of the 2010 recovery in oil prices, and the significant progress the country has made towards paying down its arrears.
The rating review, which is likely to be concluded within three months, will focus on:
(i) the sustainability of recent improvements in Angola's fiscal and external metrics;
(ii) the clearing of arrears built up during the global financial crisis; and
(iii) the implementation of structural elements of the IMF stand-by agreement, particularly with regard to the fiscal framework and its impact on Angola's institutional strength.