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Moody's Investors Service (Moody's) has today affirmed the Government of Rwanda's B2 long-term issuer ratings and maintained the stable outlook. 


The affirmation reflects the following factors:

1) Institutional strengths that limit the risks associated with a higher debt burden.

2) Elevated susceptibility to event risk, mainly related to political risks.

3) Structural economic challenges despite high growth rates.

The stable outlook captures Moody's expectations that public infrastructure investment will continue to support the economy's growth potential. Strong growth and sound fiscal policy management will contribute to a stable debt burden, although constraints to revenue generation posed by very low incomes will likely prevent a marked decline in government debt.


Rwanda's local-currency bond and deposit ceilings remain unchanged at Ba2. The foreign-currency bond and deposit ceilings also remain unchanged at B1 and B3, respectively.

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