Moody’s rates Kenya Commercial Bank B1

Moody’s Investors Service said it assigned first-time ratings to Kenya Commercial Bank Ltd., including its B1 and not-prime global local- and foreign-currency issuer ratings, B1 and not-prime local-currency deposit ratings, B2 and not-prime foreign-currency deposit ratings and B1 standalone baseline credit assessment and B1 adjusted baseline credit assessment.

The outlook is stable.

Moody’s also said it assigned a counterparty risk assessment of Ba3(cr) and not-prime(cr).

The ratings reflect the company’s solid profitability metrics, strong capital buffers and deposit-based funding structure, with high levels of liquid assets, the agency said.

These strengths are balanced against the bank’s high asset risk amid elevated non-performing loans and credit costs and structural challenges in Kenya’s operating environment, Moody’s said.

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