LUANDA (Reuters) - Angola should receive its first credit rating in the next few days, paving the way for the African nation to issue up to $4 billion in bonds to foreign investors, a government source said on Monday.
Representatives from Moody's, Fitch Ratings and Standard and Poor's were recently in Angola to assess its rating. The source declined to give details on timing and the exact amount of bonds to be issued.
"We expect the credit rating to be issued in the next few days," the source said. "The government will then decide how much and when it will sell the bonds".
Analysts have said that a rebound in oil prices in the last 12 months to above $80 per barrel means Angola will need to issue less debt to rebuild infrastructure wrecked by a 27-year civil war that ended in 2002.
Angola hopes it can get a better credit rating than oil-producing rival Nigeria, which is rated "B+" by Standard and Poor's.
Moody's, Fitch and Standard and Poor's officials were not immediately available for comment on Monday.
Reuters Africa
