Moody’s, which rates Kenyan debt ‘B3’, cut its outlook to negative, as Nairobi will face 'substantial' debt-service costs even after redeeming notes. S&P, which also has a negative outlook on the credit, will release an update on Aug 25.
Russia and Africa can work together to protect national sovereignty and put an end to colonialism, Russian President Vladimir Putin told African delegates at the 2023 Africa-Russia summit in St. Petersburg.
Risk premia in Africa have experienced a decline over the past month as the worst of the polycrisis begins to recede, said Capital Economics in a note on June 30.
Although Kenya continues to project a non-alignment stance on the Ukraine war, the East African nation sees Moscow as a key partner in trade and investment.
Kenya’s sovereign bond index at the distressed 1,000 basis point spread over US treasuries enjoyed a brief reprieve from unrelenting gloom, as IMF managing director Kristalina Georgieva declared it an innocent bystander in sub-Sahara default panic.