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Higher taxes key to Kenya’s ratings upgrade
The requirement for greater tax revenues to lift the credit ratings may prove challenging as Kenya’s window to raise collections from higher tax rates closes following last year’s deadly street protests against the Finance Bill 2024.
Kenya will be required to substantially improve its collection of taxes to raise its credit score, global ratings agencies have said.
The country’s ratings from all three major agencies sit in the non-investment grade category at B- for Fitch, Caa1 for Moody’s and B for Standard and Poors (S&P).
