Fitch: Kenya outlook stable

Fitch Ratings said it revised its outlook on Kenya to stable from negative and affirmed its B+ foreign-currency and BB- local-currency long-term issuer default ratings, B short-term rating and BB- country ceiling.

The agency said the stable outlook reflects the return to stability following the formation of a grand coalition government in the wake of disputed elections held in December 2007, which remains intact almost a year later and has put Kenya on the road to recovery.

Though Kenya's recovery is being affected by the global economic slowdown and liquidity crunch, this will delay rather than derail a return to strong growth, in Fitch's view, and Kenya's fundamentals remain supportive of a B+ rating.

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