Fitch downgraded Kenya's credit rating further into junk territory on Saturday, becoming the second major rating agency to take a dim view of the country's debt, in a sign of Kenya's darkening fiscal outlook and a move that risks a broader market sell-off.
Fitch cut Kenya's credit rating to "B- with a stable outlook", following a similar downgrade by Moody's on July 8, which had rated the sovereign's default risk at 'B' since December 2022.
