Uganda's public finances remain under pressure due to the implementation of large infrastructure projects, while domestic financing costs are increasing as the central bank raises interest rates to contain inflation, mainly owing to Ugandan shilling depreciation. At the same time, these projects have supported high real GDP growth. We are affirming our 'B/B' ratings on Uganda. The stable outlook on Uganda, over the next six months, reflects our view that these public works will boost Uganda's growth and improve the country?s fiscal and external metrics over time. On Jan. 8, 2016, 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
