Strong donor support. Buoyant economic growth and strong reform momentum. Low fiscal and external debt. Low income levels. Structural current account deficits. Lingering political and security risks. The ratings on the Republic of Rwanda are constrained by the country's per capita income, which, at about US$585 in 2011, is still lower than peers' despite having doubled since 1998. Rwanda's structural current account deficits, mostly reflecting its narrow export base, further constrain the ratings. Rwanda relies on aid to finance its fiscal and current account deficits, and we expect donor inflows will remain stable given the government's track record and pro-growth agenda. Despite the political stability achieved under President Paul Kagame and his leadership of the Rwandan Patriotic Front during the
