Ruto bashes international credit bureaus terming the rogue
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Ruto bashes international credit bureaus dismissing warning issued by Moody's Investors Service regarding Kenya's debt repayment plan
Ruto bashes international credit bureaus dismissing warning issued by Moody’s Investors Service regarding Kenya’s debt repayment plan.
President William Ruto has dismissed the warning issued by Moody’s Investors Service regarding Kenya’s debt repayment plan.
Moody’s had cautioned that Kenya could be flagged for default if it repays its Ksh282 billion Eurobond before the maturity date.
However, Ruto bashed the international credit bureaus claiming they had eagerly anticipated for the country to default on its Sh280 billion loan slated for maturity next year in June.
He said that the bureaus had complained about the move by the government to repay the loans in advance as they had waited to escalate the debt expecting the country to delay the repayment.
““We sat down and planned and said that we won’t wait until next year June. Those rogue credit rating agencies, those who are used to using uncouth ways to increase debt have now written to us questioning why we are paying the loan early,” said Ruto.
“We have a Ksh282 billion loan that is maturing next year but we have said we cannot wait until then. In our budget, we have planned on reducing our debt,” the President stated.
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Ruto launched a scathing critique of Moody’s, accusing the credit rating agency of opposing the government’s move to buy back the Eurobond, suggesting that the agency had ulterior motives, hoping for Kenya to default so that investors could benefit from increased interest rates.
“They were waiting for us to default. We will pay that loan before the scheduled time so that those who are used to planning evil, will stop and fail,” he added.
He added that going forward, foreign investors will not find loopholes to exploit Kenya.
Ruto had in June announced the country’s intention to buy back half of the bonds as part of its efforts to manage the ballooning public debt.
However, Moody’s warned that Kenya was trying to beat the system by buying the bonds early at subpar prices.
The international rating firm warned Ruto that by doing so, he would be economically shortchanging foreign investors who bought the bonds that were floated by former President Uhuru Kenyatta’s government.
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