OVERVIEW In Rwanda, fiscal deficits are gradually declining and economic growth is rebounding. This follows several donors resuming previously-suspended aid, alongside the Rwandan government curbing its spending growth. However, Rwanda's external position is weak. Structural current account deficits are high and per capita income is very low. We are affirming our 'B/B' long- and short-term sovereign credit ratings on Rwanda. The stable outlook balances our view of fiscal consolidation and rebounding economic performance against the weak external position. RATING ACTION On March 14, 2014, Standard&Poor's Ratings Services affirmed its 'B/B' long- and short-term foreign and local currency sovereign credit ratings on the Republic of Rwanda. The outlook is stable. RATIONALE The ratings on Rwanda are constrained by its
