S&P ups Kenya

Standard & Poor's said that it raised its long-term sovereign credit rating on the Republic of Kenya to B+ from B. At the same time, the B short-term sovereign credit rating was affirmed.

The outlook is stable.

The ratings reflect the country's falling political risks in the wake of the adoption of a new constitution, as well as the country's improved economic outlook, S&P said.

The ratings are supported by continued progress in pushing forward economic reforms, addressing infrastructure constraints and a sophisticated domestic debt market, the agency said.

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