Business Daily | by Brian Ngugi
S&P Global Ratings has cut Kenya’s credit rating, dimming the country’s chances of tapping cheap credit on the international market.
The American credit rating agency lowered its long-term foreign and local currency sovereign credit ratings on Kenya to ‘B’ from ‘B+’ in a move that could raise borrowing costs for cash-strapped Treasury.
“There are significant risks to the government’s fiscal consolidation plan, while external indebtedness will remain high. Consequently, we are lowering our ratings on Kenya to ‘B’ from ‘B+’…
