Short-term political risk: Kenya, Oman, Rwanda and Timor-Leste upgraded
In the framework of its regular review of short-term (ST) political risk, Credendo has upgraded four countries.
| Upgrades | From | To |
| Kenya | 5 | 4 |
| Oman | 3 | 2 |
| Rwanda | 5 | 4 |
| Timor-Leste | 3 | 2 |
- Kenya: upgrade from 5/7 to 4/7
Kenya’s liquidity position has significantly improved, bolstered in part by successful Eurobond issuances in 2024 and 2025 totalling USD 3 billion. These inflows have pushed foreign exchange reserves to a record high, now covering nearly five months of imports and more than twice the external debt service. A portion of the proceeds has been used to refinance upcoming bond maturities, effectively eliminating repayment uncertainty until 2028, when the next Eurobond falls due. Meanwhile, GDP growth has remained strong, and the medium-term economic outlook continues to be positive.
