Moody's upgraded credit rating: What it means for Ruto

President William Ruto during the issuance of NYOTA grants to youths at Kinoru stadium. [Phares Mutembei, Standard]

Global ratings agency Moody's upgraded Kenya's sovereign credit rating on Tuesday, delivering a second boost in days for President William Ruto's cash-strapped administration and improving its prospects for accessing cheaper international credit. 

Moody's lifted Kenya's long-term foreign currency issuer rating to "B3" from "Caa1," citing a reduction in the near-term risk of default.