S&P affirms Kenya

Standard & Poor's said it affirmed its B long- and short-term sovereign ratings on the Republic of Kenya.

The outlook remains positive, and the Transfer & Convertibility assessment on Kenya remains BB-, the agency said.

S&P added that the ratings on Kenya are constrained by low economic development and the political risks highlighted by the 2008 post-election crisis.

They are supported, however, by continued progress in pushing forward economic reform and addressing infrastructure constraints, the agency said, noting that key sectors' economic performance, the financial system, fiscal revenues, and debt management survived the severe political stress test of early 2008 with notable resilience.

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