On February 28, 2025, S&P Global Ratings downgraded Senegal's long-term sovereign rating (in foreign and local currencies) from “B+” to “B” from “B+” to “B”, with a negative outlook. The short-term “B” rating has been confirmed.

S&P Global Ratings has lowered Senegal's long-term foreign currency and local currency sovereign credit rating from 'B+' to 'B', while maintaining the short-term sovereign credit rating 'B'. The decision follows an announcement by the Senegalese government that fiscal and debt data for the past four years are subject to revision, revealing significantly lower fiscal and debt figures

The revised data shows that budget deficits between 2019 and 2023 are now twice as high as previously estimated levels. The debt level estimated by S&P Global Ratings for 2024 is now 106% of GDP, 32% higher than the previous estimate. This is mainly due to undeclared investments financed by external loans for projects and domestic bank loans.

The Senegalese administration has expressed its intention to implement a significant fiscal adjustment and improve the corresponding institutional controls. However, S&P Global Ratings forecasts that budget deficits will average 6.5% of GDP between 2025 and 2028, and that debt will remain around 100% of GDP,

The negative outlook on the long-term rating reflects the opinion of S&P Global Ratings that Senegal's fiscal consolidation trajectory could face significant implementation risks, potentially complicating future financing plans. The next publication of Senegal's sovereign rating is scheduled for May 16, 2025