Fitch downgrades Kenya after revenue policy reversal
Global credit ratings agency Fitch downgraded Kenya’s sovereign rating to “B-” from “B” yesterday, citing heightened risks to the East African country’s public finances after the government backtracked on key revenue measures following protests.
The agency also expects some challenges for Kenya in securing external financing, partly due to high borrowing costs on the back of low foreign exchange reserves. Fitch, however, maintained its outlook on Kenya at “stable”, citing strong official creditor support which would help the country’s near-term external liquidity pressures.
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