Credit Ratings

Baa3 (Stable): Moody’s upgraded TDB’s credit ratings to investment grade, Baa3, in October 2017. In February 2022, Moody’s changed the outlook on TDB to stable from negative and affirmed its Baa3 long-term issuer rating and senior unsecured debt ratings, as well as its (P)Baa3 senior unsecured MTN programme rating

BBB+/A2 (Stable): GCR upgraded TDB’s credit ratings to investment grade in September 2017. In September 2022, GCR upgraded TDB’s international scale long and short-term issuer ratings to BBB+/A2 from BBB/A3 respectively. The Kenyan long and short-term issuer ratings have been affirmed at AAA (KE) and A1+ (KE) respectively. The outlooks are stable.

BB+ (Stable): Fitch Ratings affirmed TDB’s long-term Issuer Default Rating (IDR) of ‘BB+’ ratings in March 2023, with a revised stable outlook. Fitch also affirmed the Bank’s short-term IDR at ‘B’ and National Rating at ‘AAA(ken)’ with a stable outlook.