A downgrade of Kenya’s credit rating by a second ratings agency could trigger a bigger market selloff by investors, analysts warned, pointing to an upcoming verdict by Fitch this weekend, only weeks after another agency, Moody’s slashed its view of the country’s sovereign debt.
Global investors have seen heightened risks in Kenya since late June when President William Ruto responded to anti-government protests by rejecting proposed tax increases that would have added Sh346 billion in additional government revenue.
