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Moody's Investors Service has placed the B1 long-term issuer rating of the government of Kenya on review for downgrade.


The decision to place the rating on review for downgrade was prompted by the following key drivers:


1) Persistent, large, primary deficits and high borrowing costs continue to drive government indebtedness higher


2) Government liquidity pressures risk rising in the face of increasingly large financing needs


3) Uncertainties weigh over the future direction of economic and fiscal policy, in part due to evolving political dynamics

Moody's review will focus on assessing:


1) The country's medium-term fiscal trends, and the likely policy response to ongoing budgetary pressures


2) The effectiveness of the government's medium-term financing plan in managing liquidity risks


3) The government's overall credit profile relative to similar-rated peers

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