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Why sovereign credit rating matters
The Africa Peer Review Mechanism (APRM), implementing an Africa Union mandate, is spearheading the formation of the African Credit Rating Agency. They have indicated preference for an agency substantially owned and managed by the private sector.
Kenya issued a $1.5 billion eurobond last March. The proceeds partly re-financed $900 million of an older bond that is maturing in 2027.
A similar liability management operation was concluded early 2024. These new bonds have three staggered payments in the last three years, avoiding the previous bullet payment structure.
