On May 18, 2025, S&P Global Ratings affirmed Rwanda’s sovereign credit rating at B+ (long-term) and B (short-term), with a stable outlook. Strong GDP growth (7% average in 2025–2028) and concessional debt support the rating. However, regional security risks, twin deficits, and the $2 billion Bugesera airport project’s financing needs could strain Rwanda’s fiscal and external balances.
