S&P affirms Kenya

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

At the same time, the B short-term credit rating was also affirmed, the agency said.

The outlook is stable.

S&P noted that the ratings on Kenya are constrained by low levels of economic development and by a vulnerability to exogenous shocks, adding that this vulnerability is generated both externally, by terms of trade and domestically, by governance issues.

The ratings are supported, however, by the government's continued progress in implementing economic reform and by the strengthening of macroeconomic and political stability, the agency added.

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