S&P changes Rwanda view to negative

S&P said it revised its outlook on Rwanda to negative from stable due to higher public debt and the deteriorating external outlook. Concurrently, S&P affirmed the B+ long-term sovereign.

“The negative outlook reflects the possibility that Rwanda's external imbalances could increase more than we currently expect, due in particular to the effects of the Covid-19 pandemic on exports, tourism, and inward remittances. The outlook also reflects that larger general government deficits could make funding more complicated, despite the currently still favorable funding structure dominated by cheap concessional debt,” S&P said in a press release.

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