Risks to Rwanda's external financing are reducing owing to stable donor flows and the government's ability to access the capital markets. Real GDP growth rates have rebounded to more than 6.0% in 2014 from the 2013 low of 4.6%, and we project 7% GDP growth for Rwanda in 2015-2018. Fiscal consolidation is on track, and deficits are narrowing. We are raising our long-term ratings on Rwanda to 'B+' from 'B' and affirming the 'B' short-term ratings. The stable outlook reflects our view that stability of external funding will support Rwanda's external position, while its fiscal position will not significantly deteriorate from our current forecasts. We also think that the upcoming presidential succession in 2017 will be well managed. On March
