S&P downgrades Kenya credit rating citing tax hike U-turn

Nairobi, Kenya — The US ratings agency S&P has downgraded Kenya’s credit rating, citing President William Ruto’s decision to scrap a controversial finance bill after deadly protests. “S&P Global Ratings lowered its long-term sovereign credit rating on Kenya to B- from B,” the ratings agency said Friday. “The downgrade reflects our view that Kenya’s medium-term
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