S&P switches Botswana view to negative

S&P said it revised the outlook on Botswana to negative from stable. Concurrently, S&P affirmed its BBB+ long- foreign and local currency sovereign credit ratings on Botswana.

“Botswana is experiencing the negative effects of the Covid-19 pandemic after a challenging 2019 fiscal and external performance. The economic lockdown has had a material negative impact on economic activity, with diamond third and fourth sightholder sales being canceled because of global travel restrictions,” S&P said in a press release.

The agency said it now sees an economic contraction of close to 10% in 2020.

The agency also affirmed the BBB+ long-term foreign and local currency sovereign credit ratings on the Bank of Botswana because it equalizes them with our ratings on the sovereign.

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