S&P affirms Botswana

Standard & Poor's said it affirmed the A- long-term and A-2 short-term foreign-currency sovereign credit ratings on the Republic of Botswana and on the Bank of Botswana.

The agency also said it affirmed the A long-term and A-1 short-term local-currency sovereign credit ratings on Botswana and the bank. The republic's A+ transfer and convertibility assessment is unchanged.

The outlook is stable.

The affirmation reflects Botswana's strong public sector balance sheet, even though this recently deteriorated, S&P said.

It also reflects its well-managed minerals-based economy, the agency said, and long record of political stability.

These factors are offset by the country's narrow economic base, which is vulnerable to shocks, S&P said.

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