Sluggish external demand has taken a toll on Botswana's diamond production and revenue, which coupled with mounting spending pressure will likely weaken the country's medium-term fiscal outlook. However, Botswana's accumulated external and fiscal buffers remain strong. We are therefore affirming our 'A-/A-2' ratings on Botswana. The outlook is stable. On Oct. 25, 2019, S&P Global Ratings affirmed its 'A-/A-2' long- and short-term foreign and local currency sovereign credit ratings on Botswana. The outlook is stable. We also affirmed our 'A-/A-2' long- and short-term foreign and local currency sovereign credit ratings on the Bank of Botswana, because we equalize them with our ratings on the sovereign. The stable outlook reflects our expectation that Botswana's sound fiscal and external balance sheets will
