Rwanda's economic growth prospects are stronger than peers', in our view, supported by robust investment levels of about 25% of GDP. Despite planned fiscal expansion, we expect government debt levels will remain moderate and debt-servicing costs will remain relatively low. We are therefore raising our long-term sovereign credit rating on Rwanda to 'B+' from 'B', and assigning a stable outlook. On Aug. 9, 2019, S&P Global Ratings raised its long-term sovereign credit rating on Rwanda to 'B+' from 'B'. The outlook is stable. At the same time, we affirmed our short-term sovereign credit rating at 'B'. We also revised the transfer and convertibility (T&C) assessment to 'B+' from 'B'. The outlook is stable because we expect Rwanda will continue to
