Moody's Investors affirmed Botswana's credit rating of A2 for foreign and domestic bonds in 2016. According to the Sovereign Credit Rating Agency, Botswana's credit rating is accorded by the continued fiscal resilience which is supported by the country's level of foreign exchange reserves, prudent fiscal policy and strong institutional framework. Moody's also note that the slow pace of economic diversification and the dependence on mining constrains Botswana's rating. However, given Botswana's healthy financial position and political stability the risks are low.