Rwanda's real GDP grew by 7% (which was more than we previously forecast) in 2014. We forecast real growth will average 7% in 2015-2018. Rwanda's donors have chosen to fund the country via loans instead of grants, and this has slightly increased Rwanda?s fiscal and external deficits. Nevertheless, they are still manageable. We are affirming our 'B+/B' long- and short-term ratings on Rwanda. The stable outlook reflects our view that external funding will remain supportive of Rwanda's external position, while its fiscal position will not significantly deteriorate from our current forecasts. We also think that issues around political succession are likely to be contained and managed smoothly. On Sept. 11, 2015, Standard&Poor's Ratings Services affirmed its 'B+/B' long-
