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Bond Market News
Kenya Downgraded to B- by Fitch
August 5, 2024
Kenya has been downgraded by a notch to B- from B by Fitch. The downgrade reflects heightened risks to the country’s public finances after the government backtracked on revenue measures in the Finance Bill 2024 due to violent social protests. President William Ruto withdrew the bill in response to the protests and initiated efforts to replace the previous cabinet that was dismissed in July 2024. Fitch anticipates a widening of the fiscal deficit to 4.7% of GDP in the financial year ending June 2025 for Kenya, and also sees a moderately greater risk to external financing. Kenya was earlier downgraded by Moody’s to Caa1, citing similar reasons.
Kenya’s dollar bonds traded stable with its 7% 2027s at 94.38 cents on the dollar, yielding 9.33%.
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