This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
Kenya Downgraded to B- by S&P
August 26, 2024
Kenya was downgraded by a notch to B- from B by S&P. The downgrade comes after the Kenyan government decided to rescind all tax measures proposed under its 2024-25 Finance Bill following nationwide violent protests against the tax hikes. The government’s decision will lead to a deterioration of Kenya’s medium-term fiscal and debt outlook, according to S&P. Although the government issued a supplementary budget focused on expenditure cuts, S&P believes it will raise Kenya’s net borrowing requirement. Kenya was downgraded earlier this month by Fitch to B- and Moody’s downgraded it to Caa1 last month, citing similar rationale.
Kenya’s dollar bonds traded stable with its 6.3% 2034s at 76.2, yielding 10.31%.
Go back to Latest bond Market News
Related Posts:
Kenya Considering Tapping Bond Markets To Refinance June 2024s
January 31, 2024
Kenya Plans Buyback for $1bn of Dollar Debt
June 6, 2024
Kenya Downgraded to Caa1 by Moody’s
July 9, 2024
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.