[Source: Kenyan Wall Street, by Jackson Okoth]
Standard & Poor (S&P) Global Rating agency has revised Kenya’s outlook to ‘negative’ from ‘stable’, citing that the coronavirus pandemic will slow the country’s GDP growth significantly in 2020 and weigh on its already weak public finances.
The US-based Standard and Poor rating agency now joins Fitch and Moody’s which have also given Kenya a negative outlook.
“Although external financial support, including from the International Monetary Fund (IMF), will help fund Kenya’s twin fiscal and external deficits in 2020, external debt will rise sharply in 2020 and remain high in 2020-2023,” the rating agency said.
S&P Global Ratings also affirmed Kenya’s rating at B+/B, citing…
