The financial rating agency S&P downgraded on Friday Senegal's long-term sovereign credit rating, increasing it from “B- ” to “CCC+”. In addition, the note of the country was placed under surveillance, described as “CreditWatch developing ”, which indicates that S&P could further degrade it if the government does not is unable to refinance its next commercial deadlines.

According to a press release, the agency also placed the countries on “CreditWatch” (monitoring) with risk growth, which Suggests possible additional declines if the government does not refinance not its upcoming commercial deadlines.

At the same time, it is specified, the short-term note in foreign currencies is lowered to “C”; the long-term sovereign rating in local currency (“local currency sovereign credit rating”) is maintained at” B-”.

S&P justifies its measures by financing needs particularly high audience for 2026: gross financing needs are estimated at 26% of GDP according to official figures from Senegal, and at around 29% of GDP according to the more conservative estimate by S&P. There are also an already very high public debt burden: the debt of Senegal would amount to 119% of GDP at the end of 2024, without taking into account arrears budgetary and commitments from state-linked entities that would add approximately 9% of GDP, which ranks the country among the most indebted in the category speculative.

The other rationale is related to the suspension of the program. of the IMF by $1.8 billion in October 2024, which reduces Senegal's access to financing on favorable terms. The agency also notes an increased use of regional loans: good that Senegal implemented approximately 70% of its 2025 financing program in Borrowing on regional markets, these loans have higher costs (returns in excess of 7%) and shorter maturities than loans dealerships.

S&P mentions that Senegal could see its score raised if the country succeeds in refinancing its future deadlines and implement effective fiscal consolidation.