Botswana has a reasonably well-managed minerals-based economy with a long track record of political stability and prudent economic policy. Fiscal consolidation is on track, in our view. We are affirming our sovereign credit ratings on Botswana at 'A-/A-2'. The stable outlook reflects our opinion that Botswana will continue its fiscal consolidation. The stable outlook also balances the economic challenges that Botswana faces against its still-strong balance sheet. On July 12, 2013, 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 institutions and still-strong balance sheet, well-managed minerals-based economy,
