Fitch Ratings, a global rating agency, has downgraded Kenya’s long-term foreign-currency issuer default rating (IDR) outlook to stable.
Fitch Ratings, a global rating agency, has downgraded Kenya’s long-term foreign-currency issuer default rating — but the outlook is stable.
The credit assessor downgraded the nation’s foreign-currency ratings to ‘B-’ from ‘B’– representing six levels below investment grade.“The downgrade reflects heightened risks to Kenya’s public finances after the government backtracked on revenue measures in the Finance Bill 2024 in response to violent social protests, the increased risk to political stability, and rising domestic debt costs, even as the authorities embark on expenditure cuts,” Fitch said.
“We expect revenue to continue to underperform its target in FY26, at 17.4% of GDP , with only a modest narrowing of the deficit, to 4.3% of GDP. Average yields on short-term government securities have risen, reflecting higher central bank policy rates and domestic liquidity constraints.
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