We expect Botswana's real GDP growth to slow over 2015-2018 due to weaker performance of diamond demand and prices. Consequently, we expect that the government's fiscal position will deteriorate, but remain strong, and that current account surpluses will narrow in the 2015-2018 forecast period. We are therefore affirming our 'A-/A-2' ratings on Botswana. The stable outlook reflects our expectation that the government's relatively strong institutions and strong fiscal and external positions will offset risks related to Botswana's low income level, lack of monetary policy flexibility, and heavy reliance on the diamond sector. On Nov. 6, 2015, Standard&Poor's Ratings Services affirmed its 'A-/A-2' long- and short-term foreign and local currency sovereign credit ratings on the Republic of Botswana. The
