We are assigning our 'B/B' long- and short-term foreign- and local-currency sovereign credit ratings to the Republic of Rwanda. The ratings balance our view of the challenges of a low income country with a troubled past, with low government debt and moderate fiscal deficits. The positive outlook reflects our view of the government's reform agenda and its track record of implementing policies that have delivered about 5% per capita GDP growth over the past decade, and which we believe could improve its external position and monetary policy performance such that we could raise the ratings in 2012 or 2013. With this new rating, Standard&Poor's now rates 128 sovereigns worldwide. LONDON (Standard&Poor's) Dec. 29, 2011--Standard&Poor's
