Internal Security and National Administration Principal Secretary, PS Dr. Raymond Omollo has welcomed the recent decision by S&P Global Ratings to raise Kenya’s long-term sovereign credit score from ‘B-’ to ‘B’, calling it a strong endorsement of the country’s economic direction under President William Ruto.
In a post shared on his official X (Formerly twitter) account on Saturday, August 23, 2025, Omollo described the upgrade as a reflection of Kenya’s improving global standing and the tangible impact of ongoing reforms.
“This is a vote of confidence in President Ruto’s leadership and the economic transformation agenda,” he wrote.
The rating upgrade, announced on Friday, comes with a stable outlook, indicating that S&P expects Kenya to meet its external debt obligations while benefiting from improved access to international capital markets.
Dr Omollo noted that the upgrade signals renewed investor confidence and positions Kenya as a more attractive destination for global capital. “It shows we are regaining trust internationally while delivering real benefits to our citizens,” Omollo stated.
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The country’s economic outlook has also improved, with GDP growth now projected at 5.6% in 2025, surpassing earlier forecasts by both the Central Bank of Kenya and the National Treasury thanks to the stable inflation, consistent export volumes, and a relatively calm exchange rate environment.
While Kenya continues to face high debt servicing costs and a budget deficit estimated at 5.5% of GDP in FY2026, the rating agency acknowledged that recent reforms have helped reduce near-term external risks.
The upgrade follows Kenya’s successful Eurobond restructuring in February 2025, which involved a $1.5 billion issuance and partial buyback of 2027 notes, this reduced annual Eurobond repayments to $108 million through 2027.
The S&P upgrade is expected to improve confidence among investors, lenders, and development partners.
By Masaki Enock
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