LONDON (Standard&Poor's) Sept. 12, 2002--Standard&Poor's Ratings Services said today it affirmed its single-'A'/'A-1' foreign currency and single-'A'-plus/'A-1' local currency issuer credit ratings on the Republic of Botswana. The affirmation balances enduring fiscal flexibility and a track record of economic and political stability against significant development needs, dependence on the global diamond market, and the mounting macroeconomic impact of the HIV/AIDS epidemic. The outlook is stable. "Public sector net external assets, at 170% of current account receipts, are among the highest of rated sovereigns, bolstering the government's capacity to absorb potential shocks," said Standard&Poor's credit analyst Konrad Reuss. "In the coming years, the costs of the HIV/AIDS epidemic, including a publicly funded program of antiretroviral
