Africa Business News

S & P Global Ratings has downgraded Kenya’s credit rating from “B to B-”, meaning that Kenya has now been deemed credit-risky by all three of the biggest credit rating agencies. Due to being credit-risky, raising money from debt instruments will become problematic for Kenya because the borrowing cost becomes expensive. The ratings tell investors that Kenya is not a debt-sustainable country. So, they will be wary now of providing Kenya with loans. After Kenya’s president, William Ruto withdrew the Finance Bill in June, he mentioned that the country will look at alternatives to raise money. Borrowing more money at high interest rates to meet its debt obligations remains one bleak option for Kenya.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.