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Bond Market News
Kenya Downgraded to Caa1 by Moody’s
July 9, 2024
Kenya was downgraded by a notch to Caa1 from B3 by Moody’s. The downgrade comes on the back of the government’s decision to reduce the fiscal deficit by relying on expenditure cuts instead of pursuing planned tax increases. Moody’s believes this decision represents a significant policy shift having material implications on Kenya’s fiscal trajectory. As a result, Moody’s expects Kenya’s fiscal deficit to narrow more slowly and the nation’s debt affordability to remain weaker for longer. The rating agency has a negative outlook on the sovereign entity due to increased liquidity risks as a result of increased borrowing costs and larger financing needs. Last month, Kenya’s funding program was scaled back by the IMF.
Kenya’s dollar bonds traded stable with its 7% 2027s at 96 cents on the dollar, yielding 8.58%.
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