This report supplements Standard&Poor's Ratings Services' research update "Rwanda 'B/B' Ratings Affirmed; Outlook Remains Stable," published on Sept. 13, 2013. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The ratings on the Republic of 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, jeopardizing donor funding to the Rwandan budget. The ratings are supported by what we consider to be, at this rating level, a strong economic and policymaking performance. In our view,
