International credit rating agency, Standard and Poor's (S&P) will either cut Kenya's B credit score by a notch to B- or retain a negative outlook in the August review. Unlike Moody's which downgraded Kenya's debt status a week ago, S&P has opted for a wait-and-see to analyze the fast-changing social economic scenes following antigovernment protests seeking to send home corrupt and incompetent leaders. It attributed the downgrade to Kenya's inability to effect fiscal consolidation measures that would lower the risk of defaulting. Last week, Kenyans on X termed the poor ratings by international credit rating agencies as a systematic financial polarisation structured by sharks in the global financial system. Several users want credit rating firms to indicate factors they consider in determining the credit worthiness of economies especially in the global South.

Source: Daily Nation July 17, 2024 00:45 UTC