Fitch changes Kenya outlook to negative

Fitch Ratings said it revised the outlook on Kenya to negative from stable and affirmed the B long-term foreign-currency issuer default rating.

“The revision of Kenya's outlook to negative reflects increased external financing constraints amid high funding requirements, including a $2 billion Eurobond maturity in 2024, weakening international reserves, rising financing costs, and uncertainty regarding the fiscal trajectory, for example, due to execution risks of the announced tax hikes amid social unrest,” the agency said in a press release.

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