Fitch Affirms Kenya at 'B+'; Outlook Stable

Fitch Ratings has affirmed Kenya's long-term foreign and local currency Issuer Default Ratings (IDR) at 'B+' and 'BB-', respectively, with stable outlooks. Fitch has also affirmed Kenya's Short-term foreign currency IDR at 'B' and Country Ceiling at 'BB-'. The issue ratings on Kenya's senior unsecured foreign currency bonds have also been affirmed at 'B+'. Key rating drivers. The affirmation reflects the five-year average growth rate picked up from 3.8 per cent in 2012 to five per cent in 2014, above the 'B' median, but below regional peers, held back by domestic and weather-related shocks. Violence following the 2007 elections and the threat of violence in the run-up to the March 2013 elections curtailed growth. Rising security challenges from terrorist attacks could contain future growth.