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Kenya Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
B3 Stable | B Stable | B- Stable | NR — | NR — |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Jan 27, 2026 | Moody's | Caa1 | Positive | B3 | Stable | |
| Aug 22, 2025 | S&P | B | Stable | B | Stable | |
| Jan 25, 2025 | Moody's | Caa1 | Negative | Caa1 | Positive | |
| Aug 02, 2024 | Fitch | B | Negative | B- | Stable | |
| Jul 08, 2024 | Moody's | B3 | Under Review | Caa1 | Negative | |
| Jul 20, 2023 | Fitch | B | Stable | B | Negative | |
| May 12, 2023 | Moody's | B2 | Negative | B3 | Under Review | |
| Dec 14, 2022 | Fitch | B+ | Negative | B | Stable | |
| Mar 05, 2021 | S&P | B+ | Negative | B | Stable | |
| Jul 14, 2020 | S&P | B+ | Stable | B+ | Negative | |
| Jun 19, 2020 | Fitch | B+ | Stable | B+ | Negative | |
| May 07, 2020 | Moody's | B2 | Stable | B2 | Negative | |
| Feb 13, 2018 | Moody's | B1 | Under Review | B2 | Stable | |
| Feb 09, 2018 | Fitch | B+ | Negative | B+ | Stable | |
| Oct 02, 2017 | Moody's | B1 | Stable | B1 | Under Review | |
| Oct 14, 2016 | S&P | B+ | Negative | B+ | Stable | |
| Oct 16, 2015 | S&P | B+ | Stable | B+ | Negative | |
| Jul 17, 2015 | Fitch | B+ | Stable | B+ | Negative | |
| Nov 08, 2012 | Moody's | NR | — | B1 | Stable | |
| Nov 19, 2010 | S&P | B | Positive | B+ | Stable |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CC | CC |
C | CC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Kenya’s current credit rating?
Kenya’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Kenya’s credit risk.
Has Kenya’s credit rating changed recently?
This page lists the latest rating and outlook actions for Kenya, showing when each agency last reviewed or changed its assessment.
Why does Kenya’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Kenya's bond yields, currency, and equity flows as investors reassess risk.
How does Kenya’s rating compare to other countries?
You can explore how Kenya ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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