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International Business Times
International Business Times
Business
Tanya WILLMER

Moody's Cuts Kenya Debt Rating Further Into Junk Territory

Moody William Ruto Kenya
Kenyans first began demonstrating against proposed tax hikes in June (Credit: AFP)

Moody's has downgraded Kenya's debt rating further into junk territory and warned the outlook was negative after a wave of protests led the government to abandon proposed tax hikes.

President William Ruto, facing the most serious crisis of his near two-year presidency, last month scrapped a finance bill aimed at replenishing government coffers and helping reduce its huge debt burden.

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