On March 26, 2003, Standard&Poor's Ratings Services assigned its 'A+' local currency senior unsecured debt rating to the Republic of Botswana's pula (BWP) 500 million ($96 million) bond maturing in 2008. The bond is the first ever issued by the Republic, and is to be followed by two further issues during 2003/2004, raising a combined total of BWP2.25 billion. At the same time, the 'A/A-1' foreign currency and 'A+/A-1' local currency issuer credit ratings on the Republic were affirmed. The outlook is stable. The ratings on Botswana are supported by: Its balance-sheet strength and expenditure flexibility. Public sector net external assets, at about 170% of current account receipts, are among the highest of rated sovereigns, bolstering the government's
