Standard Poor’s (SP) has reaffirmed Botswana’s investment grade sovereign credit rating of ‘A/A-1’ for foreign currency and ‘A+/A-1’ for local currency. This follows a ratings review that took into account the recent deterioration of the global economic climate and the resultant negative impact on the diamond industry, together with the presentation of the 2009/10 Government budget. Concerns about long-term budget sustainability have resulted in the ratings outlook being changed from stable to negative. However, SP have indicated that if concrete measures are put in place to ensure the maintenance of fiscal discipline in the medium term, the stable outlook could be reinstated. For more information see press release.