Moody’s downgrades KCB, Equity and Co-operative banks

Moody’s Investors Service has downgraded three Kenyan banks – KCB Group #ticker:KCB, Equity #ticker:EQTY and Co-operative #ticker:COOP – following the weakening of the credit profile of the government.

In a statement, the rating agency said that the banks had been downgraded to B2 from B1. The move relates to the long-term local currency deposit ratings.