Standard and Poor's downgraded the rating Sénégal sovereign of, changed from “B-” to “Ccc+” on Friday November 14, 2025. At the same time, the agency maintained Côte d'Ivoire's rating at “BB/B” with” stable outlook.”

S&P highlights La Forte in a newsletter presence of Ivorian banks on local currency debt instruments issued by Senegal. The agency indicates, based on official data available, that purchases of Senegalese debt in local currency by Ivorian financial institutions have increased threefold in one year. The total volume now reaches “1800 billion CFA francs, or 3.1% of GDP, in September 2025”. Thus, these establishments have become the actors dominant players in the market, since they “are thus the main buyers of securities Senegalese, representing 42% of the total,” states S&P Global, reports Seneweb.

Ivory Coast has retained its sovereign rating 'BB/B' with S&P Global Ratings, but the American agency warns against the growing exposure of the Ivorian banking sector to public debt Senegalese, while Dakar is going through a major debt crisis.

The outlook remains stable, but the environment Regional is becoming more uncertain, warns the rating agency, which on Friday November 14, 2025, has degraded the country of Teranga, placing it now in 'CCC+' level, with financing needs reaching 29% of GDP nothing only in 2026.

S&P points out that Ivorian banks are have become the main buyers of Senegalese securities on the regional market. The volume owned or carried by institutions based in Abidjan reached 1800. billion FCFA (3.18 billion dollars) in September 2025, nearly 3.1% of GDP.

This warning comes as S&P has just lowered Senegal's sovereign rating to 'CCC+' in foreign currencies, due to debt revalued at 119% of GDP, record financing needs and uncertainty surrounding discussions with the IMF. Dakar is now largely dependent on the regional market, where rates exceed 7%, and must refinance the equivalent of 29% of its GDP in 2026, including FCFA 2600 billion in external debt