Headache for Kenya as Moody’s upsets with one notch downgrade

Kenya will have its work cut out to reassure investors after Moody’s cut its credit rating by a notch on Tuesday. Rival bankers said the clash is poor planning, but the leads on Kenya’s upcoming roadshow said investors should be doing their own credit work, reopening the debate about the relevance of ratings agencies in emerging markets.

  • By Virginia Furness
  • 15 Feb 2018

Moody’s lowered Kenya’s credit rating from B1 to B2 on Tuesday, warning of deteriorating fiscal metrics on the back of large fiscal deficits, worsening debt affordability and rising debt levels. A day earlier, Kenya mandated banks to arrange its first roadshow since 2014.

“The timing is very unfortunate ...

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