S&P rates Kenya bonds B

S&P said it affirmed its B long-term sovereign credit rating on Kenya and assigned a B long-term issue rating to the proposed U.S. dollar-denominated eurobonds.

S&P said its outlook on Kenya remains negative.

On Feb. 7, the government of Kenya made an offer to partially repurchase its existing eurobond maturing on June 24, 2024, at par and including payment of accrued interest, while also issuing new bonds in the market.

“We consider the buyback and new issuance a liability management operation,” S&P said in a news release.

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