OVERVIEW We expect the October 2014 elections to proceed smoothly, and for the Botswana Democratic Party to maintain a majority and broad policy continuity. A recovery in advanced markets is leading to a rebound in diamond demand, which supports Botswana's economic growth path and its fiscal and external accounts. We are affirming our sovereign credit ratings on Botswana at 'A-/A-2'. The stable outlook reflects our expectation of continued political stability, resilient economic growth, and a return to fiscal surpluses against a backdrop of institutional strength, albeit with a heavy reliance on diamonds. RATING ACTION On May 16, 2014, Standard&Poor's Ratings Services affirmed its 'A-' long-term and 'A-2' short-term foreign and local currency sovereign credit ratings on the Republic
