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Rwanda Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
B2 Negative | B+ Stable | B+ Stable | NR — | NR — |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Mar 13, 2026 | Fitch | B+ | Negative | B+ | Stable | |
| Apr 04, 2025 | Fitch | B+ | Stable | B+ | Negative | |
| Mar 26, 2025 | Moody's | B2 | Negative | B2 | Negative | |
| Oct 06, 2023 | Fitch | B+ | Negative | B+ | Stable | |
| Jan 27, 2023 | S&P | B+ | Negative | B+ | Stable | |
| Jul 21, 2021 | Fitch | B+ | Stable | B+ | Negative | |
| Oct 13, 2020 | Moody's | B2 | Stable | B2 | Negative | |
| Aug 07, 2020 | S&P | B+ | Stable | B+ | Negative | |
| Aug 09, 2019 | S&P | B | Positive | B+ | Stable | |
| Aug 10, 2018 | S&P | B | Stable | B | Positive | |
| Sep 09, 2016 | S&P | B+ | Negative | B | Stable | |
| Aug 12, 2016 | Moody's | NR | — | B2 | Stable | |
| Mar 11, 2016 | S&P | B+ | Stable | B+ | Negative | |
| Mar 13, 2015 | S&P | B | Positive | B+ | Stable | |
| Sep 12, 2014 | S&P | B | Stable | B | Positive | |
| Jul 25, 2014 | Fitch | B | Positive | B+ | Stable | |
| Aug 15, 2013 | Fitch | B | Stable | B | Positive | |
| Oct 29, 2012 | S&P | B | Positive | B | Stable | |
| Dec 29, 2011 | S&P | NR | — | B | Positive | |
| Aug 24, 2010 | Fitch | B- | Positive | B | Stable |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CC | CC |
C | CC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Rwanda’s current credit rating?
Rwanda’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Rwanda’s credit risk.
Has Rwanda’s credit rating changed recently?
This page lists the latest rating and outlook actions for Rwanda, showing when each agency last reviewed or changed its assessment.
Why does Rwanda’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Rwanda's bond yields, currency, and equity flows as investors reassess risk.
How does Rwanda’s rating compare to other countries?
You can explore how Rwanda ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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