Current Kenya credit ratings, according to the main rating agencies, provide a snapshot of the country’s creditworthiness and financial stability. These ratings are critical for understanding how international and domestic investors perceive Kenya ability to honor its financial commitments.
The ratings are determined by comprehensive evaluations conducted by major credit rating agencies such as Standard & Poor's (S&P), Moody's, and Fitch Ratings. Each of these agencies uses a distinct rating scale and methodology to assess the economic and financial health of Kenya, taking into account various factors such as economic performance, fiscal policies, political stability, and debt levels.
The table below shows the current Kenya credit ratings, according to the main rating agencies.
| Rating Agency | Rating | Outlook | Last Update | Action |
|---|---|---|---|---|
| Standard & Poor's | B | negative | 27 Feb 2023 | outlook downgrade |
| Moody's Investors Service | Caa1 | negative | 9 Jul 2024 | rating downgrade |
| Fitch Ratings | B | negative | 21 Jul 2023 | outlook downgrade |
| DBRS | - | - |
Kenya: Long-term Rating Scales Comparison
Kenya long-term credit ratings, as assigned by major rating agencies, offer a comparative insight into the country's creditworthiness over an extended period. Each rating agency uses its own scale to evaluate the credit risk associated with Kenya sovereign debt. These scales help investors understand the likelihood that Kenya will meet its financial obligations.
Symbol means a negative outlook.
| Grade | Description | S&P | Moody's | Fitch | DBRS |
|---|---|---|---|---|---|
|
Investment Grade |
Prime |
AAA
|
Aaa
|
AAA
|
AAA
|
| High Medium Grade |
AA+
|
Aa1
|
AA+
|
AA(high)
|
|
|
AA
|
Aa2
|
AA
|
AA
|
||
|
AA-
|
Aa3
|
AA-
|
AA(low)
|
||
| Upper Medium Grade |
A+
|
A1
|
A+
|
A(high)
|
|
|
A
|
A2
|
A
|
A
|
||
|
A-
|
A3
|
A-
|
A(low)
|
||
| Lower Medium Grade |
BBB+
|
Baa1
|
BBB+
|
BBB(high)
|
|
|
BBB
|
Baa2
|
BBB
|
BBB
|
||
|
BBB-
|
Baa3
|
BBB-
|
BBB(low)
|
||
|
Speculative Grade |
Speculative |
BB+
|
Ba1
|
BB+
|
BB(high)
|
|
BB
|
Ba2
|
BB
|
BB
|
||
|
BB-
|
Ba3
|
BB-
|
BB(low)
|
||
| Highly Speculative |
B+
|
B1
|
B+
|
B(high)
|
|
|
B
|
B2
|
B
|
B
|
||
|
B-
|
B3
|
B-
|
B(low)
|
||
| Substantial Risk |
CCC+
|
Caa1
|
CCC+
|
CCC(high)
|
|
|
CCC
|
Caa2
|
CCC
|
CCC
|
||
|
CCC-
|
Caa3
|
CCC-
|
CCC(low)
|
||
| Extremely Speculative |
CC
|
Ca
|
CC
|
CC
|
|
|
C
|
C
|
C
|
C
|
||
| In Default |
RD
|
/
|
RD
|
RD
|
|
|
SD
|
/
|
SD
|
SD
|
||
|
D•NR
|
D•NR
|
D•NR
|
D•NR
|
||
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Kenya Credit Ratings historical data
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
| Date | S&P | Moody's | Fitch | DBRS |
|---|---|---|---|---|
| 9 Jul 2024 | Caa1 | |||
| 31 Jul 2023 | B3 | |||
| 21 Jul 2023 | B | |||
| 16 May 2023 | B3 | |||
| 27 Feb 2023 | B | |||
| 15 Dec 2022 | B | |||
| 8 Mar 2021 | B | |||
| 15 Jul 2020 | B+ | |||
| 19 Jun 2020 | B+ | |||
| 8 May 2020 | B2 | |||
| 13 Feb 2018 | B2 | |||
| 9 Feb 2018 | B+ | |||
| 14 Oct 2016 | B+ | |||
| 16 Oct 2015 | B+ | |||
| 17 Jul 2015 | B+ | |||
| 8 Nov 2012 | B1 | |||
| 19 Nov 2010 | B+ | |||
| 16 Jan 2009 | B+ | |||
| 4 Aug 2008 | B | |||
| 10 Mar 2008 | B | |||
| 4 Feb 2008 | B | |||
| 30 Jan 2008 | B+ | |||
| 12 Dec 2007 | B+ | |||
| 8 Sep 2006 | B+ |
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