S&P rates Kenya

Standard & Poor's said it assigned its B+ long-term foreign currency and BB- long-term local currency sovereign credit ratings to the Republic of Kenya.

At the same time, B short-term foreign and local currency ratings were assigned to Kenya.

The outlook is stable.

S&P said the ratings on Kenya are constrained by low levels of economic development, with GDP per capita at an estimated $626 in 2006 and by a vulnerability to exogenous shocks.

This vulnerability is generated both externally, by terms-of-trade deterioration and domestically, by governance scandals, the agency added.

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