This is a downgrade (ie higher risk)
"Having assessed the impact of the steep oil price decline on the four rated African oil exporters, we have downgraded the sovereign ratings of Nigeria (to B1 stable), Angola (to B1 negative), **on (to B1 negative) and the Republic of the Congo (to B2 negative). The negative outlooks reflect the substantial challenges facing the external position of Angola"
Above text sourced from Moodys site
... with a TE credit rating of 41 (or Non-investment grade speculative) according to trading economics site in a scale in which 100 = prime and 0 = likely to default.
Having said all that, we've got lots of big type 11 diamonds !
GLTAH
Moody's ( sovereign risk down), page-5
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