Moody's downgrades Kenya's credit rating from "B3" to "Caa1" due to government's reduced fiscal consolidation capacity.
Moody's downgrades Kenya's credit rating from "B3" to "Caa1", moving it deeper into junk territory. The downgrade results from concerns over the government's reduced capacity to implement fiscal consolidation after withdrawing planned tax hikes in response to protests, leading to reliance on expenditure cuts instead. Kenya's debt affordability is expected to remain weak for an extended period.
July 09, 2024
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