US EditionS&P Cuts Senegal’s Credit Rating for Second Time in Five Months
SENEGAL, JUL 15 – S&P Global Ratings cites Senegal's rising debt-to-GDP ratio at 118% in 2024 and limited fiscal reforms as reasons for the downgrade with a negative outlook.
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S&P Global downgrades Senegal’s rating over debt
Ratings agency S&P Global downgraded Senegal over the country’s growing debt burden, as borrowers on the continent increasingly face questions over their creditworthiness. Senegal’s finance ministry, in its response, said officials were recalculating the country’s GDP using an updated base year, a move that could improve its debt metrics.S&P’s decision comes just a month after Fitch downgraded the African Export-Import Bank, a decision that has …
In its last note, the US rating agency Standard & Poor's (S&P) lowered Senegal's score for the second time consecutively to B- with a negative outlook. The lowest score since its first rating in 2000.
Senegal faces an alarming deterioration in its financial situation, confirmed by the demotion of its sovereign note to "B-" by Standard & Poors, accompanied by a negative perspective. This decision, announced on 14 July, is part of a context of debt dwindling and adds to a series of warnings already issued by other agencies...
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