S&P lowers Kenya

Standard & Poor's said it lowered its long-term sovereign ratings on the Republic of Kenya to B from B+ and removed them from CreditWatch with negative implications, where they were placed on Jan. 2.

The outlook is negative.

The transfer and convertibility assessment on Kenya was also lowered to BB- from BB, S&P said, noting that the B short-term sovereign credit ratings were affirmed.

The downgrade reflects the lasting negative impact that the current political turmoil is likely to have on prospects for economic growth and reform, the agency said, adding that the negative outlook reflects the potential for further downward movement of the rating if current efforts fail to stem the dynamic currently driving tribal violence in the country.

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