S&P affirms Uganda

Standard & Poor's said it affirmed its B+ long-term and B short-term foreign- and local-currency sovereign ratings on the Republic of Uganda. The outlook is stable.

The transfer and convertibility assessment is revised to BB-.

The agency said the affirmation reflects its view of Uganda's track record of relative political stability, comparatively low general government debt levels, and strong relations with donors.

S&P said the rating is constrained by the sovereign's low GDP per capita, its dependence on donor funds, significant development challenges, and susceptibility to balance of payments pressures and intermittent high inflation.

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