Moody’s Investors Service on Tuesday affirmed Angola’s Ba2 government bond rating but changed the rating outlook to negative from stable. The short-term ratings remain unchanged at “Not Prime”, the rating agency said.

Ba2 bonds are considered below investment grade.

“The rating affirmation at Ba2 is supported by Angola’s intrinsic economic strength and the Government’s financial buffers,” Moody’s said in a press release.

It added: “The negative rating outlook is driven by the downside risks stemming from the oil price decline to economic growth, Government finances and the external payments position.”

Moody’s forecast Angola’s real gross domestic product growth “will likely remain positive at around 3 percent in 2015”.