Global agency warns Kenya its credit rating at risk of downgrade

Global ratings agency Fitch has warned Kenya that it could downgrade its rating if it does not adequately grow revenues to bridge the budget deficit and tame borrowing.

It said Kenya’s ‘B+’ sovereign rating is supported by its high medium-term growth potential, but a gaping budget deficit and high levels of borrowing could hurt the country’s credit profile.

“Failure to consolidate the budget deficit and stabilise government debt to GDP ratio would be negative for Kenya’s credit profile,” said the agency. 

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