Moody’s Ratings has downgraded the rating of KCB Bank Kenya, Equity Bank Kenya and Co-operative Bank of Kenya citing weakened credit profile of the government.
The ratings agency said in a statement that it has downgraded the long-term deposit ratings of the three banks to Caa1 rating from B3 with a negative outlook given their high sovereign exposure, mainly in the form of government debt securities. The two ratings indicate obligations that are speculative and have a high credit (default) risk.
