S&P Global Rating Agency has upgraded Kenya's long-term sovereign credit rating from 'B- to 'B', due to reduced near-term external liquidity risks.
This means the United States-based agency anticipates an improvement in Kenya's financial obligations, mainly stemming from the country's strong economic growth and better monetary policies.
The agency said on Friday, August 22, that the stable outlook was primarily boosted by Kenya's robust export earnings and dollar inflows from diaspora remittances, which helped narrow the current account deficit.
It noted that Kenya's Eurobond, the gradual payment of the debt, is expected to be manageable, with the agency adding that the recent monetary easing helped lower domestic yields and stimulate private-sector credit growth.
