Botswana has a well-managed minerals economy with a long track record of political stability, and prudent economic policies. We are affirming our sovereign ratings on Botswana at 'A-/A-2'. The stable outlook reflects our opinion that Botswana will continue to record fiscal and current account surpluses, with intermittent and generally brief exceptions when diamond prices and custom union revenues are low. On July 23, 2012, Standard&Poor's Ratings Services affirmed its 'A-' long-term and 'A-2' short-term sovereign credit ratings on the Republic of Botswana. The outlook is stable. Our transfer and convertibility (T&C) assessment for Botswana remains 'A+'. The ratings are supported by Botswana's strong government balance sheet, well-managed minerals-based economy, and long record of political stability. The ratings are
