By Stephen NakrosisFitch Ratings on Friday said it downgraded Kenya's Long-Term Foreign-Currency Issuer Default Rating to B- from B, with a stable outlook. Fitch also cited increased risk to political stability, and rising domestic debt costs, as factors leading to the downgrade. Fitch said Kenya's government debt to GDP ratio rose to nearly 72% in fiscal year 2023, from 67% in fiscal year 2022. Fitch also anticipates the country's fiscal deficit will widen to 4.7% of GDP in the financial year ending June 2025. Write to Stephen Nakrosis at stephen.nakrosis@wsj.com(END) Dow Jones NewswiresAugust 02, 2024 17:49 ET (21:49 GMT)Copyright (c) 2024 Dow Jones & Company, Inc.

Source: Wall Street Journal August 02, 2024 22:12 UTC