Moody's warns on Kenya rating following mall attack
A scene of crime where many were killed after militants stormed the Westgate Mall in Nairobi September 21, 2013. WILLIAM OERI
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The ratings agency noted that the Nairobi mall attack claimed by Al-Qaeda linked Somali militants, Al-Shabaab, is expected to be 'credit negative'.
Moody's rates Kenya at B1 with a stable outlook.
Kenya's sovereign rating is likely to go down following the Westgate attack, US agency Moody's said on Thursday.
The ratings agency noted that the Nairobi mall attack claimed by Al-Qaeda linked Somali militants, Al-Shabaab, is expected to be 'credit negative'.
"We expect this high profile attack to be credit negative and will adversely (affect) Kenya's growth and fiscal revenues, most directly through its effect on tourism, which accounts for 12.5 per cent of GDP, 7.4 per cent of investment and 11 per cent of total employment," Moody's said in a note.
Moody's said it saw no effect on foreign direct investment, the country's planned debut international bond, or multilateral donor financing for infrastructure projects.
