Moody’s Ratings changes Kenya’s outlook to positive from negative; affirms Caa1 ratings

Moody’s Ratings announced that they have changed the outlook for the Government of Kenya from negative to positive while affirming the local and foreign-currency long-term issuer ratings and foreign-currency senior unsecured debt ratings at Caa1. The agency stated that the change in outlook to positive is driven by the increasing likelihood of Kenya’s liquidity risks easing and debt affordability improving over time. They noted that domestic financing costs have begun to decline amid monetary easing and could continue to do so if the government maintains its more effective management of social demand and fiscal consolidation. Such a track record, they added, would also boost Kenya’s access to both concessional and commercial external funding.

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