Moody’s Ratings has upgraded Kenya’s sovereign credit rating to Caa1 from B3, pointing to a reduced near‑term default risk underpinned by stronger external liquidity and improved access to international capital markets. The move comes just days after Fitch Ratings affirmed Kenya’s long‑term foreign‑currency issuer default rating at ‘B‑’ with a Stable Outlook, reinforcing the assessment that external risks have eased even as fiscal pressures remain. Thami Ngubeni spoke to Kenyan Economist Martin Adati.