Risky borrower: Kenya sprucing up image in financial markets as its public debt soars to $92.5 billion
To institutionalise the process, the Treasury will establish a government-resourced Credit Rating Committee to coordinate Kenya’s approach, supported by partners including UNDP, the gvernment of Japan, AfriCatalyst and the African Peer Review Mechanism (APRM).
Credit ratings agency S&P upgrades Kenya’s credit rating to ‘B’ from B-
The economy is expected to grow by 5.6 per cent this year, he added, which is above the Kenyan finance ministry’s forecast of 5.3 per cent and the central bank’s projection of 5.2 per cent.
Big Three lie? Questions raised about credit rating of Africa as experts doubt methodology
At the UN Development Programme, the agency instrumental in the push to get credit ratings for sub-Saharan nations, senior economist Raymond Gilpin disagreed, saying it was “unconscionable” that the Big Three didn’t have a larger presence on the continent. At the same time, he said he saw no bias in the way the Big Three apply their methodologies, and he echoed other officials and academics when he told said that the rating agencies’ work can be hampered by local realities.
As African leaders fret about biased credit rating, here’s how continent’s craving for modernity fuelled debt bomb
Essential to the plan were the “Big Three” US-based credit rating agencies – S&P Global Ratings, Moody’s Ratings and Fitch Ratings, which together account for more than 90 per cent of global ratings. The rating agencies collected fees for their services and began applying their complex analyses to the region.
