S&P Upgrades Kenya to ‘B’ as FX Reserves Hit Record
S&P has raised Kenya’s sovereign credit rating to ‘B’ from ‘B-’, citing reduced external liquidity risks, stronger reserves and resilient growth...
✨ Key Highlights
S&P Global Ratings has upgraded Kenya's long-term sovereign credit rating to ‘B’ from ‘B-’, maintaining a stable outlook, citing reduced near-term external liquidity risks and stronger foreign exchange reserves.
- Kenya’s foreign reserves hit a record $11.2 billion in July 2025, nearly doubling from $6.6 billion at the end of 2023.
- The rating agency highlighted resilient economic growth and improved export earnings, notably from coffee, and sustained diaspora remittances.
- The February Eurobond deal, including a an $1.5 billion issuance, significantly cut near-term Eurobond repayments to $108 million annually through 2027.
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S&P Upgrades Kenya's Sovereign Rating to 'B'; NSE Investor Wealth Jumps by KSh1 Trillion - August 2025
S&P Global Ratings has upgraded Kenya's long-term sovereign credit rating to ‘B’ from ‘B-’, maintaining a stable outlook. The upgrade was attributed to reduced near-term external liquidity risks, easing external financing pressures, and stronger foreign exchange reserves. In a related market development, the Nairobi Securities Exchange (NSE) has seen investor wealth increase by KSh1 trillion since CEO Frank Mwiti took over in May 2024. The NSE's market capitalization reached KSh2.678 trillion. The NSE All Share Index closed at 170.03 on Friday, August 22, 2025, having doubled in value in nine months.
