The downgrade to B from B+ in February, as well as the agency's decision to scrap its earlier assessment of a ‘stable outlook', was hardly a surprise. But it did demonstrate, said analysts, how the Libreville government needed to deliver on commitments to diversify away from the black stuff if it is to cushion itself against oil price volatility. Oil accounts for 50% of GDP and 60% of exports. Mining by comparison comes in at just over 6% of GDP. The principle minerals are iron ore and manganese.
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