Moody’s Investors Service,has affirmed all ratings and assessments of the three rated Kenyan banks: KCB Bank Kenya, Equity Bank and Co-operative Bank of Kenya. As part of the same rating action Moody’s has changed the outlook on the banks’ long-term deposit ratings to negative from stable.
The rating action follows Moody’s decision to affirm Kenya’s B2 government rating and change its outlook to negative from stable on 7 May 2020. The negative outlook on the sovereign reflects the rising financing risks posed by Kenya’s large gross borrowing requirements at a time when the fiscal outlook is deteriorating. For further information on the sovereign rating action, please refer to Moody’s press release: Moody’s changes outlook on Kenya’s rating to negative from stable; affirms the B2 rating.
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