Credit rating agency, Fitch Rating, has issued an expected B+ rating for Kenya’s upcoming US dollar denominated senior unsecured notes. The rating agency says it will issue a final rating once it receives key documents confirming the information they have already reviewed.
B+ rating means the debt is classified under non-investment grade and therefore attracts high-interest rates charges. Under that ranking, the debt issuer can meet their debt repayment; but adverse economic or financial events may impair the issuer’s capacity or willingness to repay debt.
The latest Fitch rating matches Kenya’s Long-term Foreign Currency Issuer Default Rating assigned by the same company on 29th April which gave the country a stable outlook.
Fitch noted that the rating on the US dollar debt notes is linked to Kenya’s Long term Foreign Currency debt rating.
