EADB Maintains Stable Outlook in New Moody’s Rating
Rating firm Moody'shas affirmedtheEastAfricanDevelopmentBank's(EADB)credit score at Baa3(medium grade) andmaintainedthestableoutlook. TheratingaffirmationreflectstheEADB'sstrongcapitalposition,offsetbylowdevelopmentassetcreditqualityandalegacyofhighnon-Performingassets(NPAs). Liquidityandfundingbenefitsfromrelativelyrobustliquiditylevelsbutismarkedbyalessdiversefundingstructurethanmanyratingpeers. Moody'sassessmentofstrengthofmembersupportbalancesalargecushionofcallablecapitalwiththelimitedabilityofshareholderstoprovidesupportgiventhelowratingsoftheEADB'sfourmainshareholders–Kenya(B3negative),Rwanda(B2stable),Tanzania(B2positive),andUganda(B2negative). In a statement, the rating firm said, thestableoutlookreflectsabalanceofupsideanddownsiderisks.“NotwithstandingtherisksassociatedwithachallengingoperatingenvironmentandtheelevatedconcentrationoftheEADB'sportfolio,thepotentialforcapitalerosionismitigatedbytheBank'scurrentlyverylowleverageratioandcautiousapproachtonewlending.” Moody’s assumes that the bank will continue to develop its risk management framework, which is not as advanced as other rated peers, while maintaining robust capital adequacy, and prudent liquidity levels. Moody's Places Kenya's Government Ratings on Review for [...]
Maiyan Luxury Resort Joins Sarova Hotels Portfolio
Sarova Hotels Resorts has recently inked a franchise deal with Maiyan Luxury Resort, nestled in the scenic Nanyuki region of Laikipia County, Kenya. Starting from November 1, 2023, the [...]Kenya’s Economy to Grow by 5.6% in 2023 AfDB
Kenya’s Gross Domestic Product (GDP) is projected to grow 5.6% in 2023 and 6.0% in 2024, driven by services and household consumption. According to the latest Economic Outlook for Kenya [...]
Slow Implementation of Legal Instruments Weighs on Comesa Programmes
The slow implementation of some legal instruments within COMESA bloc is delaying advanced regional integration. The delay in domestication of the instruments at national level has hit the COMESA-EAC-SADC tripartite [...]Kenyan firms with Dollar-Denominated Loans Worst hit as Shilling Weakens
Kenyan firms with US dollar-denominated loans, as well as imported raw materials, have seen a sharp rise in their finance costs, eroding their profit margins and investments, as the Kenya [...]KRA Unveils Online Auction, Tax Amnesty
The Kenya Revenue Authority (KRA) will today launch the Annual Taxpayer’s Month and unveil its online auction as well as the Tax Amnesty, as a way of giving back to [...]Central Bank of Kenya Joins the African Payments and Settlement Network (PAPSS)
The Central Bank of Kenya (CBK) has officially joined the Pan African Payments and Settlement System (PAPSS), enabling firms in Kenya to execute all trade and financial transactions with others [...]Inflation Rate Ups Slightly to 6.8% in September, Amidst Fuel Price Hikes
Inflation rate in Kenya as measured by the Consumer Price Index (CPI), increased marginally to 6.8% in September 2023 compared to 6.7% in August 2023, on account of sharp increases [...]REITs Experts to Meet in Kenya this October
Real Estate Investment Trusts (REITs) Association of Kenya has organised its annual conference which begins this October 31st to November 2nd, 2023. This meeting aims to boost the growth of [...]Kenya faces looming Debt Crisis as its first Eurobond Matures in 2024 Report
Kenya risks going the way of Ghana Greece and Sri Lanka if its current public debt load is not lessened, ahead of the first Eurobond it issued, which matures in [...]CBK Accepts Bids Worth KSh 4.5 Billion At Weekly T-Bills Auction
The Central Bank of Kenya(CBK) accepted bids worth KSh 4.5 billion at this Thursday’s Treasury Bills Auction out of KSh 24 billion on offer and received bids worth KSh 13.7 [...]Kenya’s Economy Forecast to Grow by 5.7% in 2023 -KIPPRA Report
Kenya’s economy is projected to grow by 5.7% in 2023 from a slowed growth of 4.8% in 2022, based on envisaged growth of the mainstay agricultural sector due to the [...]
