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Firms flee rating agencies to avoid books scrutiny

Bank of Africa Monrovia branch on Monrovia Street in Nairobi is one of the branches to be closed, the bank has announced plans to make Nairobi the Anglophone regional Information Technology Hub for its operations in a move to enhance its efficiency in customer service on 20th January 2017. [Photo: Wilberforce Okwiri]

When Bank of Africa Kenya withdrew its commitment to be scrutinized and graded by South African firm Global Credit rating, their debt position was questioned.

GCR had watched as the lender’s long term rating of A-(KE) and short term rating of A1-(Ke) move from positive in 2012, stable in 2015 to negative in August 2016.

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