Moody's Downgrades Kenya's Debt Rating and Warns of Negative Outlook

Tuesday, 9 July 2024, 10:27

Moody's has downgraded Kenya's debt rating deeper into junk status and issued a negative outlook due to government turmoil and abandoned tax hikes. The revised rating is expected to escalate borrowing costs for the financially strained government.

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Moody's Downgrades Kenya's Debt Rating

Moody's has downgraded Kenya's debt rating deeper into junk status, signaling economic distress.

Negative Outlook and Turmoil

This negative rating reflects concerns over the political unrest and the government's fiscal measures.

Increased Borrowing Costs: The downgrade is likely to raise borrowing costs for Kenya.
Impact on Economy: Continued turmoil may hamper economic recovery efforts.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.