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S&P Gives Positive Outlook on Kenya and Nigeria
July 12, 2023
Rating agency S&P Global has noticed positive economic policy developments in Nigeria and Kenya over the past few months. One of its top sovereign rating analysts, Frank Gill, said that Nigeria is being closely watched due to positive signs stemming from the government’s efforts to cut fuel subsidies and the simplifying and unifying the country’s exchange rates. This comes despite S&P having changed its outlook of Nigeria to “negative” only recently in February. However, Gill fell short of explaining whether S&P will change its outlook during its next review of Nigeria on August 4. For Kenya, which also has a “negative outlook” by S&P, Gill noted positive developments such as the government being able to finance a bond redemption due in 2024 in advance. Kenya has a $2bn 6.875% dollar bond due next year. He also briefly mentioned that S&P expects Kenya to not restructure its debt, contrary to some economists that expect a restructuring to avoid default.
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