S&P Global Ratings revised on Friday 17 September 2021 Botswana’s sovereign credit rating outlook to 'stable' from 'negative' and affirmed the debt grade at BBB+, saying an economic rebound, supported by a strong diamond sector recovery, will lead to an improvement in fiscal and external performance over the next two years. The agency underlined that ongoing economic recovery in key diamond markets and restocking of the midstream (diamond cutting and polishing) segment will drive demand for rough diamonds in 2021-2022. At the same time, S&P noted that Botswana is making reasonable progress on vaccination, despite global supply constraints earlier this year. Moody's credit rating for Botswana was last set at A3 with stable outlook. In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of Botswana thus having a big impact on the country's borrowing costs. This page includes the government debt credit rating for Botswana as reported by major credit rating agencies.


AgencyRatingOutlookDate
S&PBBB+ Stable Sep 17 2021
Moody'sA3 Stable Apr 23 2021
S&PBBB+ Negative Sep 18 2020
Moody'sA2 Negative May 29 2020
S&PBBB+ Stable Mar 27 2020
S&PA- Stable Oct 27 2017
S&PA- Negative Apr 29 2016
Moody'sA2 Stable Nov 24 2011
Moody'sA2 Negative Aug 05 2011
Moody'sA2 Negative Feb 19 2010
S&PA- Stable Feb 15 2010
Moody'sA2 Stable Mar 12 2009
S&PA Negative Feb 19 2009
Moody'sA2 Positive Aug 07 2007
S&PA Stable Apr 02 2001
Moody'sA2 Stable Mar 12 2001

 S&PMoody'sFitchDBRSTE
B+ B1 35
BBB BBB+ 62
CCC+ B3 CCC 20
CCC+ Ca CCC CCC 15
Ba3 B+ 16
BBB BB 52
AAA Aaa AAA AAA 100
AA+ Aa1 AA+ AAA 96
BB+ Ba2 BB+ 48
BB- Ba3 42
B+ B2 B+ 33
BB- Ba3 BB- 40
B- Caa1 22
B B3 B 28
AA Aa3 AA- AA (high) 86
SD Caa3 9
B+ B1 B 31
A+ A2 N/A 78
B+ B2 B 31
B B3 27
BBB+ A3 67
BB- Ba2 BB- BB (low) 42
BBB Baa1 BBB 61
B 25
N/A B2 30
B- B2 B 28
AAA Aaa AA+ AAA 100
B- B- 27
Aa3 85
A A1 A- N/A 76
A+ A1 A+ A (high) 80
BB+ Baa2 BB+ BBB (low) 56
CCC+ Caa1 20
B B2 B 31
BBB- Ba1 BBB- 51
Caa2 15
BBB- Ba1 BBB- BBB (low) 51
AA- Aa3 AA- 83
AAA Aaa AAA AAA 100
BB- Ba3 BB- 40
B- Caa3 B- 20
B B2 B+ 30
B- Caa1 B- 25
AA- A1 AA- AA (low) 83
B- Caa1 CCC 25
AA Aaa AAA AAA 98
B+ B1 37
AA+ Aa1 AA+ AA (high) 96
AA Aa2 AA AA (high) 92
N/A Caa1 B- 23
BB Ba2 BB 45
AAA Aaa AAA AAA 100
B- B3 B 22
BB Ba3 BB BB 40
SD
BB- Ba1 BB- 43
BB- B1 35
AA+ Aa3 AA- 90
BBB Baa3 BBB 58
A A2 A 75
BBB- Baa3 BBB- BBB (low) 56
BBB Baa2 BBB 60
B- Caa1 B- 23
AA- A2 A+ A (high) 78
N/A Aa3 90
AA- A1 A+ 81
BBB Baa3 BBB- BBB (high) 61
BB- Ba3 BB- 38
B+ B2 B+ 33
A+ A1 A A (high) 77
B+ B1 BB- 36
BBB- Baa2 BBB 56
B B2 B+ 33
A+ A1 AA 85
NR B2 30
Caa2 CCC 20
A+ A3 A- A (low) 73
D C RD 11
B 30
AAA 100
A+ A2 A A 76
AAA Aaa AAA AAA 100
Aa3 AA 87
BB- BB+ 45
A- A3 BBB+ 70
Caa1 CCC 22
Caa1 20
A- A2 A+ A (high) 75
Baa2 65
BBB Baa1 BBB- BBB 60
B3 25
B B3 B 28
B B1 35
BBB- 55
BB+ Ba1 BB+ 51
CCC+ Caa2 CCC 14
Ba3 BB 45
AAA Aaa AAA AAA 100
AA+ Aaa AA 93
B- B3 B- 25
B3
B- B2 B 28
AAA Aaa AAA AAA 99
B+ Ba3 BB- 40
B- B3 B- 25
BBB Baa2 BBB- 58
B- B2 27
BB Ba1 BB+ 46
BBB+ Baa1 BBB+ N/A 65
BBB+ Baa2 BBB 61
A- A2 A- A 71
BBB Baa2 BBB BBB (high) 71
D 0
AA- Aa3 AA- 85
CCC+ Caa2 CCC 20
BBB- Baa3 BBB- 55
BBB- Baa3 BBB 55
B+ B2 B+ 33
BB+ 55
A- A1 A 75
B+ Ba3 37
BB+ Ba2 BB+ 46
B 35
AAA Aaa AAA AAA 98
A+ A2 A A (high) 76
AA- A3 A A (high) 75
B3 25
BB- Ba2 BB- 45
AA Aa2 AA- 86
A Baa1 A- A 71
CCC+ Caa1 CCC 20
B3 25
SD Caa3 RD 15
B3 30
AAA Aaa AAA AAA 99
AAA Aaa AAA AAA 100
AA Aa3 AA 86
B- B3 25
B2 35
BBB+ Baa1 BBB+ 65
B B3 30
BBB- Ba1 52
N/A B3 B- 28
B+ B2 BB- BB (high) 35
B+
B B2 B+ 31
B B3 B 28
AA Aa2 AA- 90
AA Aa3 AA- AA (high) 90
AA+ Aaa AAA AAA 98
BBB Baa2 BBB- BBB (low) 55
BB- B1 BB- 38
N/A C RD 11
BB Ba3 BB 43
SD Ca RD 30


Credit Ratings

TE S&P Moody's Fitch DBRS Description
100 AAA Aaa AAA AAA Prime
95 AA+ Aa1 AA+ AA (high) High grade
90 AA Aa2 AA AA
85 AA- Aa3 AA- AA (low)
80 A+ A1 A+ A (high) Upper medium grade
75 A A2 A A
70 A- A3 A- A (low)
65 BBB+ Baa1 BBB+ BBB (high) Lower medium grade
60 BBB Baa2 BBB BBB
55 BBB- Baa3 BBB- BBB (low)
50 BB+ Ba1 BB+ BB (high) Non-investment grade
speculative
45 BB Ba2 BB BB
40 BB- Ba3 BB- BB (low)
35 B+ B1 B+ B (high) Highly speculative
30 B B2 B B
25 B- B3 B- B (low)
20 CCC+ Caa1 CCC CCC (high) Substantial risks
15 CCC Caa2 CCC Extremely speculative
10 CCC- Caa3 CCC (low) In default with little
prospect for recovery
  CC Ca CC
5 C C C
0 D / DDD   In default
/ DD D
D
Standard & Poor, Moody's, Fitch and DBRS' sovereign debt credit rating is displayed above. In addition, the Trading Economics (TE) credit rating is shown scoring the credit worthiness of a country between 100 (riskless) and 0 (likely to default). Unlike the ratings provided by the major credit agencies, our index is numerical because we believe it is easier to understand and more insightful when comparing multiple countries. Arguably, our ratings are less likely to be manipulated because they are unsolicited and we are not paid in any way to provide countries with a rating. Technically, our ratings are based on a forward looking macro economic model which takes into account several leading economic indicators, financial markets and very little discretion. If you have any question please email us at contact@tradingeconomics.com