This week’s Mwango Weekly highlights a notable shift in Kenya’s macro-financial outlook following Moody’s decision to upgrade the country’s sovereign credit rating to B3, citing stronger external liquidity buffers, improved foreign exchange stability, and reduced near-term refinancing pressure. The upgrade signals growing confidence in Kenya’s ability to manage its obligations, supported by policy adjustments and external financing inflows, although elevated debt levels and fiscal consolidation challenges continue to pose risks. Alongside the sovereign update, corporate earnings resilience, telecom expansion in Ethiopia, and stabilising capital markets underscored a cautiously improving but still fragile economic environment.