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Fitch downgrades Kenya

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Fitch downgrades Kenya

Fitch Ratings on July 14 downgraded Kenya's long-term local-currencyissuer default rating to B+ from BB-, with a negative outlook.

Kenya's long-term foreign-currency issuer default rating wasaffirmed at B+, also with a negative outlook.

The rating agency said the downgrade of the long-term local-currencyIDR was influenced by the trend of increasing capital expenditure and delayed fiscalconsolidation detailed in Kenya's June 8 budget.