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Fitch downgrades KCB, NCBA and I&M on State debt risk
The multinational ratings agency said it has downgraded the long-term issuer default ratings (IDRs) of the three banks and their bank holding companies given their high sovereign exposure.
Fitch Ratings has downgraded the credit rating of KCB Bank Kenya, NCBA Bank Kenya, I&M Bank Limited and their holding companies on the back of weakened financial position of the government.
The multinational ratings agency said in a statement that it has downgraded the long-term issuer default ratings (IDRs) of the three banks and their bank holding companies (BHCs) to 'B-' from 'B' with a negative outlook given their high sovereign exposure, mainly in the form of government debt securities.
