Kenya retains negative rating over rising debt

Kenya has been accumulating debt to fund large infrastructure projects. PHOTO FILE | NMG

Kenya is spending a larger proportion of its revenue on paying debts than its peers Uganda, Rwanda and Ghana, international rating agency Fitch has said in its latest assessment of the economy.

The agency retained the country’s rating at negative outlook, the same as its previous view late last year, and worse than the stable rating that another agency Standard & Poor’s gave the country earlier this year.