Kenya economic outlook revised from negative to stable

Fitch Ratings has revised the outlook on Kenya’s Long-Term Foreign and Local-Currency default rating to Stable from Negative and affirmed a rating of B+.

The revision is based on the ratings agency’s assessment that Kenya’s debt – currently at 52 percent of GDP – trajectory will stabilize at around 59 percent but it will be balanced with an expected GDP growth in the year.

The rating agency expects a narrowing of the fiscal deficit and the fiscal consolidation path will help steady public debt levels.