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Kenya Mall Attack Will Be "Credit Negative": Moody's
A Moody's sign on the 7 World Trade Center tower is photographed in New York August 2, 2011. PHOTO BY REUTERS/Mike Segar.
26/09/2013
LONDON (Reuters) - The attack claimed by Somali Islamist militants on a Nairobi shopping mall is "credit negative" and will hit Kenya's growth and fiscal revenues, particularly from tourism, rating agency Moody's said on Thursday.
"We expect this high profile attack to be credit negative and will adversely (affect) Kenya's growth and fiscal revenues, most directly through its effect on tourism, which accounts for 12.5 percent of GDP, 7.4 percent of investment and 11 percent of total employment," Moody's said in a note.
Moody's said it saw no effect on foreign direct investment, the country's planned debut international bond, or multilateral donor financing for infrastructure projects.
Moody's rates Kenya at B1 with a stable outlook.
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