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Moody’s Downgrades Kenya’s Credit Rating to Caa1

Moody’s Ratings downgraded Kenya’s credit rating from B3 to Caa1 on July 8, 2024, indicating significant concerns about the country’s financial stability and debt management capabilities. Kenya’s government faced widespread protests and subsequently abandoned planned tax increases included in the 2024 Finance Bill, which were intended to raise KES 346 billion (1.9% of GDP). Instead,…

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