KCB, Equity and Coop Bank have been downgraded to a B2 rating due to their large investments in government securities. The three are Kenya's largest banks by asset base with KCB leading with total assets valued at Sh899 billion from Sh714 billion in 2018 after acquiring the National Bank of Kenya (NBK). Equity Bank Group is second with a total asset value of Sh638.6 billion followed by Co-op Bank with assets valued at Sh457 billion following the acquisition of Jamii Bora Bank. Moody's had earlier warned that measures put in place to shield Kenya’s banks from disruptions associated with the coronavirus outbreak, might not hold should the situation worsen. Last week, the agency revised Kenya's credit rating downwards to a B2, citing costly loans.

Source: The Star May 15, 2020 00:56 UTC