S&P maintains Rwanda’s creditworthiness at B+ with stable outlook

S&P Global, a global rating agency, has affirmed Rwanda’s credit rating at ‘B+/B’, maintaining a stable economic outlook. The rating agency’s decision signals confidence that Rwanda can continue meeting its financial obligations. The stable outlook suggests that no major change in credit quality is expected in the near term. This is mainly underpinned by expectations that strong policy frameworks, institutional strength, and sustained growth will continue to anchor macroeconomic stability. ALSO READ: Rwanda’s economic outlook revised to stable Rwanda’s economy grew by 9.3 per cent in 2025, up from 7.2 per cent in 2024, supported by strong performance across agriculture, industry, and services. Growth is expected to ease to around 6.8 per cent in 2026, partly reflecting near-term pressures from rising global fuel costs linked to the situation in the Middle East, before gradually improving to an average of 7.1 per cent over 2027–2029. While short-term moderation is expected, S&P said the overall growth path remains stable and resilient, reflecting expectations of continued steady economic activity in the medium term. The agency highlighted ongoing investment in strategic infrastructure, particularly the New Kigali International Airport, which is expected to strengthen regional connectivity, boost tourism inflows, and support long-term economic diversification. According to the Ministry of Finance and Economic Planning, the project is progressing as planned and is backed by innovative financing arrangements aligned with the country’s development agenda. ALSO READ: Rwanda secures Rwf370bn funding to support economic growth The ministry pointed to Rwanda’s favourable debt structure, noting that around 89 per cent of external debt is concessional, with long maturities and low interest rates. “This, combined with fiscal consolidation efforts, a growing domestic revenue base, and disciplined public spending, continues to support debt sustainability and limit refinancing risks,” reads the ministry’s statement in part. External risks As a net oil importer, Rwanda remains exposed to fluctuations in global oil prices. However, mitigation measures such as efforts to expand fuel reserves and diversify supply sources are helping to cushion the economy against external shocks. “The affirmation comes as Rwanda continues efforts to strengthen its position as a regional hub for investment, services, and innovation while advancing its long-term development priorities,” the ministry said

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S&P maintains Rwanda’s creditworthiness at B+ with stable outlook