A Kenya-based engineering company has seen its outlook lifted from stable to positive.
H Young and Company’s outlook has been lifted by GCR Ratings due to a significant reduction in its debt levels.
H Young and Company’s gross debt has been cut by 42.5%, from approximately $36 million (Ksh4 billion) in 2019, to Ksh2.3 billion on 30 September 2020.
This has in part due to the Government of Kenya settling its outstanding payments to the company.
Meanwhile, GCR has also affirmed H Young’s national scale long and short-term issuer ratings.
The long-term rating has been kept at BBB-(KE), while the short-term issuer rating has been affirmed at A3(KE).