On September 12, 2025, S&P Global Ratings has downgraded its long-term sovereign credit ratings in foreign currencies and in local currency, from Botswana from “BBB+” to “BBB”. The prospects are negative. At the same time, we confirmed our sovereign credit ratings at short term, in foreign currency and in local currency, to “A-2”.

“We align our ratings with the Bank of Botswana (BOB) and with the state. As a result, we have lowered our long-term issuer credit ratings by central bank from “BBB+” to “BBB” and confirmed the issuer credit rating to short term from “A-2”. The outlook for BOB is negative,” S&P Global Ratings said.

This negative outlook reflects the view that Which, the low global demand for diamonds and the fall in prices are expected to maintaining Botswana's exports and tax revenues at a level moderate, which would complicate the government's fiscal consolidation program. This negative outlook also reflects the possibility of a new deterioration of Botswana's external and public balance sheets.