Alert: S&P downgrades Botswana’s rating to ‘BBB’ with negative outlook

S&P Global Ratings downgraded Botswana’s long-term sovereign rating from ‘BBB+’ to ‘BBB’ on September 12, 2025, with a negative outlook. The short-term rating ‘A-2’ is affirmed. The Bank of Botswana (BoB) is downgraded by the same magnitude, as analysts consider the central bank inseparable from the state. The transfer and convertibility (T&C) risk assessment is…...