S&P ups Kenya outlook to stable

Standard & Poor's said it revised its long-term rating outlook on the Republic of Kenya to stable from negative.

At the same time, the agency said that the B long-term and short-term sovereign credit ratings were affirmed while the BB- transfer and convertibility assessment on Kenya was also affirmed.

The outlook revision reflects the likelihood that the recently agreed power-sharing agreement will continue to stem the tribal clashes that erupted in the wake of the December 2007 presidential election and begin to address the deep-seated social and constitutional problems that have fed the ethnic tensions, S&P noted.

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