Credit Ratings

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.

Baa3 (Negative): Moody’s upgraded TDB’s credit ratings to investment grade in October 2017. In October 2023, Moody’s affirmed TDB’s Baa3 ratings on its long-term issuer rating and senior unsecured debt ratings, as well as its (P)Baa3 senior unsecured MTN programme rating, with a revised negative outlook.

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