S&P has also confirmed the long-term sovereign debt of the country in foreign and local currencies which stands at B.

A downward re-adjustment is linked to the depreciation of the prices of oil to which the Gabonese economy is dependable by more than 80 per cent.

The decrease in oil prices has substantial impacted on the foreign balance sheets and budget of Gabon with growth prospects given its strong dependence on oil.

Also S&P forecasts a growth of the real GDP of the country estimated at 3.5 per cent in 2015 against a rate estimated at 5 per cent in 2014 while predicting possible degradation of the foreign balance sheets likely to cause a budget deficit.

The agency points out however that the stable prospects reflects the opinion according to which high and low pressures on the ratings are globally balanced while noting that the political tensions in the country ahead of the 2016 presidential election might comprise the outlook.