Brief
Fitch Ratings has affirmed Kenya’s Long-Term Foreign- Currency Issuer Default Rating (IDR) at ‘B+’ with a Stable Outlook.
The credit rating agency says the ratings reflect the country’s “strong medium-term growth prospects balanced against persistent twin deficits and elevated public and external debt levels.”
Fitch also raised its 2018 growth forecast for Kenya to 6%, on the back of favourable weather conditions and the fading of political uncertainty around the August and October 2017 elections that had reduced growth in 2017 to 4.9%.
According to Fitch, Kenya’s public finances remain a huge concern but the newly introduced tax measures will help to improve revenue performance.
