Moody’s Investors Service revised the outlook on Kenya’s rating to negative from stable, citing the country’s rising risks to meet its borrowing requirements and debt payments. In June, Fitch Rating revised the outlook on Kenya's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from Stable and affirmed the IDR at 'B+'. The country's total public debt is currently at Sh6.2 trillion, almost 70 per cent of its GDP. IMF however said Kenya's rising government debt is somewhat mitigated by favourable debt composition and manageable debt maturity profile. Foreign currency debt accounts for less than half of total sovereign debt, compared with the 'B' median of 60.5 per cent in 2020.

Source: The Star July 16, 2020 00:56 UTC