Uganda's fiscal and debt positions are deteriorating due to large infrastructure projects, but we believe they will remain close to our projections. At the same time, real GDP growth remains strong, supported by public- and private-sector investment projects over the next few years. We are affirming our 'B/B' ratings on Uganda. The stable outlook reflects our view that, over the next 12 months, strong real GDP growth will mitigate the effect of fiscal and external imbalances. On July 10, 2015, Standard&Poor's Ratings Services affirmed its 'B/B' long- and short-term foreign and local currency sovereign credit ratings on the Republic of Uganda. The outlook is stable. The ratings on Uganda are constrained by low per capita GDP, high current
