Fitch Ratings has downgraded Angola's Long-term foreign and local currency Issuer Default Ratings (IDRs) to 'B+' from 'BB-'. The Outlook is Stable. Fitch has affirmed Angola's Short-term IDR at 'B'. Fitch has also lowered the Country Ceiling to 'B+'.

Angola's central bank maintained its benchmark Basic Interest Rate (BNA) at 9.25 percent, citing an increase in inflation, a depreciation of the kwanza's exchange rate and an annual increase of 13.2 percent in the stock of credit to the economy.

The Angola Sovereign Fund has set up five venture capital funds for high-growth industries and the economic and social development of Angola and sub-Saharan Africa, the fund said in a statement sent to Macauhub.

Fitch Ratings has revised the Outlook on Angola's Long-term foreign and local currency Issuer Default Ratings (IDR) to Negative from Stable and affirmed the IDRs at 'BB-'. The Country Ceiling has been affirmed at 'BB-' and the Short-term foreign currency IDR at 'B'.