Global rating agency Fitch has downgraded Kenya’s credit rating to ‘B’ from ‘B+’ pointing to increased risks of default occasioned by tighter liquidity in light of elevated repayments.
The downgrade is due to elevated debt repayment obligations in the upcoming financial year including the maturity of a $2 billion (Sh245.6 billion) Eurobond in June 2024 amidst high financing costs in the international market.
