S&P Global Ratings Confirms Rwanda's Credit Rating at 'B+/B' with a Stable Outlook

Kigali, Rwanda – 25 May 2026 – S&P Global Ratings last week affirmed Rwanda’s credit rating at ‘B+/B’, maintaining a stable outlook. The affirmation reflects Rwanda’s stable economic conditions and ongoing efforts toward sound fiscal management even amid challenges.

Rwanda’s economic performance reflects steady, ongoing progress. A strong growth reached 9.3% in 2025 from 7.2% in 2024 driven by robust growth across agriculture, industry and services. Growth is expected to ease around 6.8% in 2026 partly reflecting near-term pressures from rising global fuel costs linked to the Middle East situation before gradually improving to an average of 7.1% over 2027-2029. While short-term moderation is expected, the overall growth path remains stable and resilient, reflecting expectations of continued steady economic activity in the medium term. 

The report highlights Rwanda's continued investment in strategic infrastructure, most notably the New Kigali International Airport (NKIA), a landmark project set to strengthen regional connectivity, boost tourism, and anchor long-term economic diversification. Construction remains on track, supported by innovative financing arrangements. This reflects Rwanda’s long-term development strategy focused on building capacity and improving regional integration.

Central to this affirmation is Rwanda’s debt structure where approximately 89% of external debt is concessional, contracted at long maturities and low interest rates, keeping debt-servicing costs well within sustainable bounds. Fiscal consolidation efforts continue, underpinned by a growing domestic revenue base and prudent expenditure management. This indicates that debt sustainability remains carefully managed, reducing risks to fiscal stability.

While acknowledging global economic uncertainties and regional pressures including the effects of the Middle East conflict on fuel prices, supply chains, and inflation, the stable outlook reflects expectations that Rwanda’s growth momentum, policy direction, and institutional resilience will continue to support macroeconomic stability over the medium term. 

Rwanda’s position as a net oil importer exposes it to global price fluctuations linked to geopolitical tensions in the Middle East. However, proactive measures such as expanding fuel reserves and diversifying supply sources help strengthen stability and resilience. This reflects confidence in Rwanda’s ability to manage external pressures while maintaining overall economic stability.

The affirmation comes as Rwanda continues efforts to strengthen its position as a regional hub for investment, services, and innovation while advancing its long-term development priorities.