Tuesday, November 13, 2018 | 10:07 PM

Credit Rating Agencies

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Two international credit ratings agencies, Moody’s Investors Service and Standard and Poor’s (S & P), have awarded sovereign credit ratings for Botswana since 2001. The ratings reflect an overall assessment of prevailing financial and political risks.

The ratings are reviewed annually. Updates are also produced during the year to reflect recent developments. Due to Botswana’s track record for prudent economic management and the resulting build up of substantial financial reserves, the country has consistently been awarded ‘investment grade’ ratings which are the highest in Africa. This is despite the recent global recession which resulted in a ratings downgrade by S & P in 2009 due to the impact on export earnings and government revenues. The negative outlook that had been assigned by Moody's in 2009 was revised to "stable" in November 2011, refelcting the authorities' prompt and effective reponse to the recession.

Botswana Sovereign Ratings Review
  Foreign Currency Local Currency Outlook
Moody's (2018) A2 A2 stable
S & P (2018)  A-/A-2 A-/A-2 stable

The most recent annual reviews and updates are available on this website, while the Bank of Botswana also issues press releases following ratings updates. For their subscribers, further material is available from the ratings agencies.

2018 review

2018 review

For more information on the methodology used by the agencies in preparing the ratings, please access the website of the agency in question. For information on how the ratings process is conducted in Botswana, contact the Bank of Botswana Research $ Financial Stability Department.

tel: (+267) 3606355
E-mail: letsholom@bob.bw


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