Most donors have resumed their support of Rwanda, improving its fiscal and external position. However, geopolitical instability risks persist in the neighboring Democratic Republic of Congo, which we think could have spill over effects on Rwanda. We are affirming our 'B/B' sovereign credit ratings on Rwanda. The stable outlook balances what we view as regional geopolitical instability risks with Rwanda's robust economic and reform performance. On Sept. 13, 2013, Standard&Poor's Ratings Services affirmed its 'B/B' long- and short-term sovereign credit ratings on the Republic of Rwanda. The outlook is stable. The ratings on Rwanda are constrained by its low per capita income, structural current account deficits, and lingering political risks. These include the recent resurgence in regional tensions,
