The Kenyan economy slowed down to 5.5% in the second quarter of 2015 compared to 6% over the previous year, weighed down by the slowing construction industry, the financial sector’ s poor performance and the slow recovery from a tourism slump.
Fitch Ratings has revised the Outlook on Kenya's Long-term foreign and local currency Issuer Default Ratings (IDR) to Negative from Stable and affirmed them at 'B+' and 'BB-', respectively. The agency has also affirmed the Short-term IDR at 'B' and Country Ceiling at 'BB-'. The issue ratings on Kenya's senior unsecured foreign and local currency bonds have been affirmed at 'B+'.
On April 17, 2015, Standard & Poor's Ratings Services affirmed its 'B+/B' long- and short-term foreign and local currency sovereign credit ratings on the Republic of Kenya. The outlook is stable.
Fitch Ratings has affirmed Kenya's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'B+' and 'BB-', respectively, with Stable Outlooks. Fitch has also affirmed Kenya's Short-term foreign currency IDR at 'B' and Country Ceiling at 'BB-'. The issue ratings on Kenya's senior unsecured foreign currency bonds have also been affirmed at 'B+'.
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