Ratings agency Fitch Ratings has lowered the outlook on Angola from ‘stable’ to ‘negative’, but the country’s long-term foreign issuer default ratings (IDRs) remained unchanged at ‘B-plus’.

The agency said in a statement last week the revision was due the continued decline in oil prices further worsening the oil exports-reliant country’s “macroeconomic, fiscal and external outlook”.

Oil exports accounted for 95 percent of Angola’s total exports and for about 50 percent of the government’s total revenue last year, according to Fitch.

The ratings house said it also expected Angola’s economic growth to decelerate to 2.5 percent this year, the lowest level since 2009. The country recorded a 3 percent growth in 2015.

Fitch said it estimated the country’s budget deficit would rise to 4.6 percent of the nation’s gross domestic product in 2016, compared to 1.6 percent last year.