Rwanda's external position has weakened further during the first six months of this year. We expect the country's current account deficit will widen to 16% of GDP in 2016 and net external debt level will keep increasing. We are therefore lowering our long-term ratings on Rwanda to 'B' from 'B+'. The outlook is stable, balancing the potential for stronger-than-anticipated economic growth or fiscal performance against the risks of Rwanda?s external metrics weakening further over the next 12 months. On Sept. 9, 2016, S&P Global Ratings lowered its long-term foreign and local currency sovereign credit ratings on the Republic of Rwanda to 'B' from 'B+'. At the same time, we affirmed the short-term ratings at 'B'. The outlook on the long-term
