Moodys downgrades Botswana rating on diamond slump
Moodys downgraded Botswanas long-term ratings to Baa2 from Baa1 due to a deteriorating fiscal position. A prolonged downturn in the global diamond market and lower SACU receipts have severely impacted the countrys public finances.
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Moody's downgraded Botswana's long-term issuer ratings to Baa2 from Baa1 on Friday morning, citing a worsening public finances outlook. It marks the sovereign's second downgrade in less than a year, leaving it two notches above junk status. The move follows Finance Minister Ndaba Gaolathe's statement that the country expects a smaller budget deficit this fiscal year.
