LONDON (Standard&Poor's CreditWire) April 2, 2001--Standard&Poor's today assigned its single-'A' long-term foreign currency and single-'A'-plus long-term local currency issuer credit ratings to the Republic of Botswana. At the same time, Standard&Poor's also assigned its 'A-1' short-term foreign and local currency issuer credit ratings to the Republic. The outlook on the long-term ratings is stable. Botswana's ratings, the highest among rated African governments, are supported by: -- Balance-sheet strength and expenditure flexibility. Public-sector net assets, at 106% of GDP, are among the highest of rated sovereigns. Development expenditures, budgeted at 17% of GDP in the fiscal year beginning today, is an acknowledged candidate for cuts to accommodate expected increases in health spending, including anti-retroviral therapy
