On March 5, 2004, Standard&Poor's Ratings Services assigned its 'B' long-term and 'B' short-term sovereign credit ratings to Burkina Faso. The outlook is stable. With this new rating, Standard&Poor's now rates 100 sovereign governments. The ratings on Burkina Faso are constrained by its: Low level of development and very narrow economic base. GDP per capita is low, at an estimated $327 in 2004, and social indicators are very weak. The economy is highly dependent on cotton and external aid. The country's landlocked position and infrastructure deficiencies, its location in the drought-prone Sahel, and high input costs (electricity, water, telecommunications), are hindrances to diversification. Large fiscal imbalances. The general government deficit is high, at an average 4.8%
