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, and in September 2023 these ratings were affirmed, with stable outlooks. The Kenyan long and short-term issuer ratings were affirmed at AAA (KE) and A1+ (KE) respectively, with stable outlooks as well.