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.