Continued steady performance of diamond demand and prices, and stable Southern Africa Customs Union revenues support Botswana's current account and fiscal receipts. However, wealth levels remain low relative to peers'. We are affirming our 'A-/A-2' ratings on Botswana. The stable outlook reflects our expectation of fairly resilient economic growth, reasonably small fiscal surpluses, and continued institutional strength in Botswana, despite the heavy reliance on diamonds, over the next two years. On May 8, 2015, 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 relatively strong institutions and fairly strong external and fiscal balance sheets, reasonably
