LONDON – Credit rating agency Moody’s said on Monday that a ruling by Kenya’s Supreme Court to invalidate last month’s presidential election result was a credit negative for the East African country.
Moody’s said in a statement that the ruling would prolong a period of political uncertainty that has damaged business confidence and undermined growth in Kenya.
”The events would “further stymie the development of policies to address the country’s main credit challenges, in particular the large fiscal deficit of 10 percent of GDP,” the agency added.
Last week, Kenya’s Supreme Court declared that an Aug. 8 election won by President Uhuru Kenyatta was void, citing irregularities, and demanded a new poll with 60 days.(Reuters)