Kenya's Debt Woes and KES Stability - What's the Play?

Interesting to see the $KES hold relatively steady today, up +0.15% at 122.55 against the dollar, especially after the latest round of Fitch's warnings about Kenya's debt servicing capacity. They're basically saying what everyone in EM has been whispering for months – the Eurobond payments coming due next year are no joke, and the refinancing options aren't exactly abundant or cheap.

I'm still trying to square this resilience with the underlying macro picture. Is it simply a case of short-term liquidity overshadowing the longer-term structural issues, or is there a genuine belief that the government can pull a rabbit out of the hat? I've been watching this unfold, thinking about how to position. For now, it reinforces my cautious stance on direct exposure to local bonds, even with the yield. I'm more focused on the spillover into regional plays or looking for proxy plays that might benefit from a flight to quality within the EM space if this situation deteriorates further. The $AUDNZD pair, currently at 1.21842, is also on my radar, as general EM risk-off sentiment tends to ripple across less correlated pairs, potentially offering a safer haven for capital even if its movements are more macro-driven than specific to any single EM currency.