Fitch Ratings has affirmed Lesotho's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B' with a Stable Outlook. Lesotho's ratings are supported by fiscal surpluses, a strong record of technical and financial support from multilateral and bilateral partners resulting in a favourable debt profile on concessional terms, as well as policy predictability and macro stability anchored by a credible exchange-rate peg to the South African rand. The ratings are constrained by the economy's small size and low GDP per capita, subdued economic growth, weak public financial management, and a history of political instability that affects policymaking. [....]