LONDON (Standard&Poor's) Nov. 14, 2003--Standard&Poor's Ratings Services said today it affirmed its 'A/A-1' foreign currency and 'A+/A-1' local currency ratings on the Republic of Botswana. The outlook is stable. "The ratings on Botswana remain underpinned by the strength of the public sector balance sheet, prudent economic policies, and the stable political environment," said Standard&Poor's credit analyst Konrad Reuss. Public sector net external assets, at about 130% of current account receipts in 2003, provide the government with significant flexibility to absorb economic shocks. Fiscal deficits since 2001/2002, mainly due to cyclical factors, do not reflect a change from the government's policy of sustainable budgets, and the general government is projected to return to broad balance
