Moody's ups Botswana outlook to positive

Moody's Investors Service said it raised the outlook on Botswana's foreign currency ratings to positive from stable on the continued strengthening of the country's external position and financial assets.

The positive outlook affects all of Botswana's debt and deposit country ceilings - both foreign and local currency - as well as the A2 foreign currency issuer rating of the government, the agency noted.

The government's A1 local currency bond rating continues to carry a stable outlook, S&P said.

"The current account surplus widened yet again last year to nearly 20% of GDP," said Moody's vice president Kristin Lindow.

"This was echoed by the government budget surplus, which grew from 8.4% of GDP in 2005/06 to 11.8% of GDP in 2006/07 thanks to rising minerals income and spending restraint."

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