Moody's has retained Kenya's credit rating at B+ but with a negative profile (see P12). The global economic climate is not favourable. The soaring price of oil and commodities is generating inflation everywhere. The war in Ukraine and Covid have disrupted supply chains. The depreciating shilling and the high debt-to-GDP ratio are signs of the pressure faced by the Kenyan economy. However Moody's also seems to be unnecessarily fretting that the August presidential election poses a grave political risk for Kenya. Kenya has strong independent institutions.