Kenyan security company suffers rating loss

A Kenya-based business services company, focused on the security services space, has seen its national scale long and short term issuer ratings dropped by GCR Ratings.

Kenya Kazi’s long term rating has been dropped from BBB(KE) to BB(KE), while the short term rating has been downgraded from A3(KE) to B(KE).

GCR has downgraded Kenya Kazi due to deterioration in its credit profile, as a result of weak earnings and cash flows, combined with a reliance on short-term funding.

Meanwhile, GCR has maintained KK’s outlook at negative on its strained liquidity position and short-term refinancing risk.

See issuer profile here