Fitch Ratings has revised the Outlook on state-owned Development Bank of Rwanda PLC’s (BRD) Long-Term Issuer Default Rating (IDR) to Stable from Negative, and has affirmed the IDR at ‘B+’. This follows similar rating action on the Rwandan sovereign. A full list of rating actions is below.

On 6 October 2022, Fitch revised the Outlook on Rwanda’s Long-Term IDRs of ‘B+’ to Stable from Negative (see: Fitch Revises Rwanda’s Outlook to Stable; Affirms at ‘B+’ on www.fitchratings.csom). The rating action on the sovereign reflects Fitch’s expectation that public debt/GDP will stabilise near current levels and real GDP growth will remain high following a strong recovery from the Covid-19 pandemic.

Source: Fitch Ratings