Fitch rates Kenya B+

Fitch Ratings said it assigned the Republic of Kenya a long-term foreign-currency issuer default rating of B+ and long-term local-currency issuer default rating of BB-, along with a short-term foreign-currency issuer default rating of B and country ceiling of BB-.

The outlook is stable.

Kenya is one of the most diverse economies in sub-Saharan Africa with a large and vibrant private sector and developed financial markets, Fitch said. Economic growth has accelerated in response to important reforms that have improved the business climate, the agency added.

Constraints of poor infrastructure and weak governance have begun to be addressed. However, more needs to be done if growth is to be sustained and per capita income is to match peer group levels, Fitch said.

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