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Africa

Moody’s Downgrades Kenya’s Sovereign Rating Amid Fiscal Challenges

todayJuly 9, 2024 4

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Moody’s downgraded Kenya’s sovereign rating to “Caa1” from “B3” on Monday, citing reduced ability to manage its debt burden through fiscal consolidation. Reuters says, This downgrade affects the country’s local- and foreign-currency long-term issuer ratings and foreign-currency senior unsecured debt ratings. In June, Kenyan President William Ruto withdrew planned tax hikes following mass protests that resulted in at least 24 deaths.

Written by: Leonard Witbeen

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