Rating Actions on October 13
October 14, 2020
Moody's affirmed Rwanda's rating at B2 and changed its outlook from stable to negative.
Reasons: The long-term damage that the Covid-19 outbreak could cause to some sectors of the economy, such as transport and tourism, which would reduce the profitability of past state investments. As a result, lower growth could become an obstacle on the way of fiscal consolidation, leading to the high credit risks connected to the country's quite large debt. The increase in Rwanda's debt has begun even before the pandemic and is being worsened by it.
Company — Rwanda