Standard & Poor’s has assigned the Republic of Kenya a long-term foreign currency sovereign credit rating of B+ with a stable outlook.
The long-term local currency sovereign credit rating is BB- and the short-term foreign and local currency rating as B.
The ratings, which continue to reflect the relatively low level of economic development, wseak infrastructure, vulnerability to external shocks, deteriorating terms of trade and governance scandals, nevertheless signify progress in economic growth and reform, and in tackling corruption.
The national income is growing at around 5.5 per cent, and government debt is expected to fall from 3.3 percent of GDP in 2006 to 2.4 percent of GDP by 2009, although Kenya has not benefited from the debt relief given to Heavily Indebted Poor Countries (HIPC).