Nairobi, Aug. 31 -- Ratings agency S&P Global has warned that Kenya's credit rating could be downgraded if the Treasury's frequent loan refinancing moves trigger concerns that the country is struggling to repay debts.

The credit ratings agency has taken note of Kenya's debt refinancing operations, which have prompted borrowing to repay earlier debts and switching bonds to avoid paying the principal amount.

It warns that the debt restructuring, which has become frequent in recent months, could send signals that Kenya is struggling to repay its mountain of public debt, raising fears of default.

The fears could trigger the risk of credit rating downgrades.

In its statement last week after keeping Kenya's long-term sovereign credit rating...