Fitch Ratings has reaffirmed Rwanda’s Long-Term Foreign-Currency Issuer Default Rating at ‘B+’ with a Stable Outlook, maintaining its assessment of the country’s sovereign creditworthiness.
Fitch’s latest assessment, published on September 11, cites Rwanda’s relatively strong governance indicators, high medium-term growth potential, the concessional nature of much of its public debt and continued financial and technical support from development partners.
The agency projects Rwanda’s economy to grow by 7.8% in 2026, supported by activity in agriculture, services and construction, including major infrastructure projects such as the New Kigali International Airport.
The forecast represents a moderation from the 9.4% growth recorded in 2025, but remains above the median growth rate for countries in the ‘B’ rating category. Rwanda’s economy grew by about 10% year-on-year in the first quarter of 2026, according to national statistics cited in reporting on the Fitch assessment.
Fitch also expects Rwanda’s public debt ratio to decline from its recent peak. General government debt, which reached about 74% of GDP in the 2024/25 fiscal year, is projected to average around 65% of GDP in FY2027 and FY2028.
The agency noted that a large share of Rwanda’s external borrowing is concessional, helping limit borrowing costs and supporting the country’s access to development financing.
However, Fitch also identified vulnerabilities, including Rwanda’s persistent fiscal and current-account deficits and relatively high external debt. The current-account deficit is expected to approach 15% of GDP in 2026, while net external debt is projected at around 63% of GDP.
The Stable Outlook indicates that Fitch currently expects the balance of factors underpinning the rating to remain broadly unchanged.
The government has said it is continuing to strengthen fiscal sustainability through tax reforms, expenditure management and debt-management measures, while seeking to maintain investment and economic growth.
The reaffirmation comes as Rwanda continues to finance major infrastructure projects and pursue its broader development agenda, while relying on a combination of domestic revenue, concessional financing and development-partner support.
Fitch’s assessment therefore leaves Rwanda’s B+ rating unchanged, while pointing to both the country’s growth and institutional strengths and the fiscal and external pressures that remain relevant to its sovereign credit profile.
