Standard and Poor’s gave Angola ratings of “B+” for long-term and “B” for short-term foreign and local currency debt, saying the decision was supported by the outlook for oil production, strong economic growth prospects and low levels of government debt. Fitch also gave a “B+” rating with a positive outlook, while Moody’s ranked it as “B1/N-P”.

A rating has been in the pipeline since the end of last year, when Luanda, which rivals Nigeria as Africa’s top oil producer, announced it wanted to raised up to $4 billion in international markets.

However, the process has been marred by confusion and it remains unclear whether the highly secretive government in Luanda will follow through on its intentions now that it has a rating.

Economy Minister Manuel Nunes Junior said the government was “satisfied” with the ratings, but had yet to decide whether or not to try to raise international finance.

“Entering a ratings process with this type of grade is positive and reflects the recognition by the international community of the progress the Angolan economy has had,” he said.

“Now we will assess the financing needs of the country. We will see what those needs are as well as the alternatives available in order to take a decision,” he told reporters.

Stuart Culverhouse of London-based emerging market brokerage Exotix described the rating as “pretty good” and said it would probably lead to Luanda proceeding with its eurobond plans some time this year to balance its books.

“It’s part of the financing requirement that they’ve previously identified. If they didn’t do it, they’d have to do something else,” Culverhouse said. “I don’t think they can find enough domestically.”