Global ratings agency Moody's has changed the outlook of local student hostel developer Acorn Group's Sh5 billion green bond facility to negative from stable, citing the recent downgrade of Kenya's sovereign outlook and potential hit on demand due to the coronavirus outbreak.
Moody's said in an update the negative outlook also reflects the challenging financial and economic conditions in Kenya, where the Covid-19 has seen businesses slow down and workers lose jobs or suffer pay cuts.
