Fitch changes view on Kenyan banks

Fitch Ratings said it revised the outlooks on the long-term issuer default ratings of three Kenyan banks, KCB Bank Kenya Ltd., NCBA Bank Kenya plc and Stanbic Bank Kenya Ltd., and two bank holding companies, KCB Group plc and NCBA Group plc, to negative from stable and affirmed the long-term issuer defaults ratings at B.

The agency said the actions follow the revision of the outlook on Kenya's long-term issuer default rating to negative from stable on July 20, and reflect Fitch's view that the issuers' credit profiles are highly correlated with that of the sovereign.

The issuers' national ratings are unaffected by the sovereign outlook revision.

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