Botswana has a reasonably well-managed minerals-based economy with a long track record of political stability and prudent economic policy. We are affirming our sovereign credit ratings on Botswana at 'A-/A-2'. The stable outlook reflects our expectation of fairly resilient economic growth and a return to fiscal surpluses against a backdrop of continued political stability and institutional strength, all of which provide an important buffer for the narrowly based economy. On Dec. 20, 2013, Standard&Poor's Ratings Services affirmed its 'A-' long-term and 'A-2' short-term foreign and local currency sovereign credit ratings on the Republic of Botswana. The outlook is stable. The ratings are supported by Botswana's strong institutions and external and fiscal balance sheets, well-managed minerals-based economy, and long
