The Standard & Poor's building is seen in New York. Picture: Jessica Rinaldi

Sydney - Standard and Poor's Ratings Services affirmed Angola's long and short-term foreign and local currency sovereign credit ratings at BB-/B, with a stable outlook on Friday.

The credit ratings agency said the rating balances the view of Angola's strong oil revenues and low fiscal and external debt burdens against its political succession risk, institutional weaknesses and lack of development outside the oil sector.

“The stable outlook indicates that we see a less than one-in-three chance that we will raise or lower our ratings on Angola in the next 12 months,” S&P said in a statement. - Reuters