Moody’s lowered Kenya’s credit outlook to negative, citing high debt payments and limited access to external financing. However, Kenya’s debt rating was affirmed at B3, six notches below investment grade. The agency noted that Kenya must retain its funding access from the IMF and other multilateral lenders. While the rating agency expects Kenya to service its USD 2 bln bond maturity in 2024, it faces significant foreign debt payments and high refinancing risk.