S&P Global Ratings has cut Senegal’s long-term foreign-currency sovereign rating to CC from CCC+, warning that the government’s planned debt restructuring is highly likely to leave foreign-currency creditors with losses.
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The downgrade takes Senegal’s rating to its lowest level in nearly 26 years, reflecting growing concerns over the country’s ability to meet its debt obligations after billions of dollars in previously undisclosed government liabilities were uncovered in 2024.
The debt revelations, which emerged after a change in government, have sharply increased pressure on Senegal’s public finances and complicated efforts to restore investor confidence.
S&P said the restructuring currently under negotiation could result in creditors receiving less than they were originally promised.
