Fitch revises Kenya outlook to negative

Fitch Ratings said it revised the outlook on Kenya's Long-term foreign and local currency issuer default ratings to negative from stable and affirmed them at B+ and BB-, respectively.

The agency also affirmed the short-term issuer default rating at B and country ceiling at BB-, and the issue ratings on its senior unsecured foreign and local currency bonds at B+.

Fitch said Kenya's public finances have been on a steadily deteriorating trend since 2008, reflecting weak revenue performance, increasing infrastructure spending, and persistently high current expenditure. The national Treasury estimates a revised budget deficit of 8.2% of GDP for the year to June 2015 (FY15), lower than the estimated deficit of 10.1% (June 2015), reflecting under-execution of spending under the second supplementary budget that was published shortly before the end of the fiscal year.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.