Fitch cuts Kenya view to negative

Fitch Ratings said it changed outlooks on the Republic of Kenya's long-term foreign- and local-currency issuer default ratings to negative from stable. Its long-term foreign-currency issuer default rating is affirmed at B+ and its long-term local-currency issuer default rating is affirmed at BB-.

The outlook change is prompted by the deterioration in the political and security situation since the disputed December elections and its potential economic cost, Fitch said.

Although Kenya's economic durability and strong growth momentum prior to the crisis provide important mitigation, the agency said, a political resolution is proving longer and more difficult to achieve than expected.

In the meantime, violence continues and brings a growing cost to the economy, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.