This report supplements our research update "Botswana Ratings Affirmed At 'A-/A-2' On Continued Fiscal Consolidation; Outlook Stable," published on July 12, 2013. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The ratings on Botswana are supported by the country's strong institutions and still-strong balance sheet, well-managed minerals-based economy, and long track record of political stability and institutional effectiveness. The ratings are constrained by the country's narrow economic base, which relies heavily on the diamond sector and is vulnerable to shocks, despite efforts to diversify. Botswana is one of the world's largest
