Kenya total debt rises 3.15 percent in July

NAIROBI (Reuters) - Kenya's total debt increased by 3.15 percent in the year ended July from a month earlier, reflecting higher borrowing in the local and foreign markets, the ministry of finance said on Wednesday. The east African nation, which is planning a debut Eurobond for up to $2 billion, owed a total of 1.96 trillion shillings ($23.09 billion), or 53.3 percent of its annual output, to creditors at home and abroad. Rated sub-investment grade at B1 with a stable outlook by Moody's last November, Kenya has a sustainable public debt with very low risk of external debt problems, the International Monetary Fund said in July. The external debt, which is 44.8 percent of the total, had an average interest rate of 1.9 percent with an average maturity of 36.2 years, reflecting the government's preference for concessional debt from institutions like The World Bank. Outstanding local debt had an average maturity of 5.3 years, unchanged from the previous period, the Treasury said. ($1 = 84.9000 Kenyan shillings)