- Downgrade follows government’s abandonment of tax hikes amid protests
- Negative outlook reflects increased liquidity risk and reliance on domestic financing
Nairobi, Kenya – Moody’s Ratings has downgraded Kenya’s local and foreign-currency long-term issuer ratings and foreign-currency senior unsecured debt ratings to Caa1 from B3 with a negative outlook after protests forced the government to abandon planned tax hikes.
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