Fitch Ratings Affirms Rwanda’s ‘B+’ Credit Rating, Upgrades Outlook to Stable

Kigali, Rwanda March 13, 2026: Fitch Ratings has affirmed the country’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B+’ and revised the Outlook from Negative to Stable.

This decision, announced on March 13, 2026, signals that international financial experts see a clear path of stability and growth for Rwanda, despite a challenging global and regional environment.

The revision to a Stable Outlook is a significant acknowledgment of Rwanda’s resilience and the effectiveness of its diplomatic and economic strategies. Fitch specifically highlighted two major factors behind its decision:

Reduced Financing Risks: The agency noted that uncertainty over Rwanda’s access to external funding has eased considerably. This reflects the continued and strong confidence of our multilateral and bilateral partners. As Fitch reports, Rwanda continues to receive robust financial support, with net external disbursements reaching approximately US$ 1.2 billion in the last fiscal year.

Commitment to Regional Peace: Fitch recognized the government's proactive diplomatic engagement, which has supported a de-escalation in regional tensions. This commitment to peace and stability reinforces investor confidence and ensures that national resources remain focused on development priorities.

Looking ahead, Fitch projects that Rwanda’s public debt will stabilize in the coming years. The agency acknowledges that our debt burden is significantly eased by its highly concessional nature, a direct result of the strong and trusted partnerships Rwanda has built with international financial institutions and bilateral development partners. This translates into favorable debt affordability for the nation.

The rating agency also painted a positive picture of Rwanda’s economic fundamentals:

Robust Growth: Fitch estimates that the economy grew by a strong 8% in 2025 and expects growth to remain above 7% through 2027, driven by construction, agriculture, and tourism. This performance outpaces the median for countries in the same rating category.

Strong Governance: Rwanda continues to score highly on governance indicators, with Fitch pointing to our strong institutional capacity and established rule of law as key supports for the rating.

While acknowledging challenges such as the need to continue narrowing the fiscal deficit, the overall message from Fitch is one of confidence. The agency’s analysis underscores that Rwanda’s policy framework is working, our partnerships are solid, and our growth potential remains among the highest in the region.