Moody’s upgrades Kenya’s credit rating on lower default risk

The global rating agency said the upgrade reflects a marked strengthening of Kenya’s foreign-exchange reserves, a narrower current account deficit and more stable shilling developments that have eased balance-of-payments pressures and expanded the government’s funding options..

✨ Key Highlights

Moody’s Ratings has upgraded Kenya’s sovereign credit rating from B3 to Caa1. This upgrade reflects a decline in the country’s near-term default risk, supported by stronger external liquidity and improved access to international capital markets.

Kenya's international reserves rose to $12.2 billion by the end of 2025, equivalent to 5.3 months of import cover.
The current account deficit narrowed sharply to 1.3 percent of GDP in 2024.
Kenya raised $3 billion through Eurobond issuances in 2025, using part of the proceeds to buy back $1.2 billion of bonds maturing between 2026 and 2028.

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