Ratings agency Standard & Poor’s (S&P) cut its outlook for Ghana in April 2009 to negative on a deteriorating macroeconomic picture, the latest African rating to come under pressure as the global economic crisis hit. S&P rates Ghana as B+ on its long-term and B on its short-term rating, and had previously had the country on a stable outlook. Fellow ratings agency Fitch took the same step earlier in the month. Both blamed a mixture of external shocks and loose budget management by the previous government outweighing upcoming oil production.