On Feb. 28, 2025, S&P Global Ratings lowered its long-term foreign and local currency sovereign credit ratings on Senegal to 'B' from 'B+'. The outlook is stable. At the same time, the 'B' short-term sovereign credit rating was affirmed.

As a "sovereign rating" (as defined in EU CRA Regulation 1060/2009 "EU CRA Regulation"), the ratings on Senegal are subject to certain publication restrictions set out in Art 8a of the EU CRA Regulation, including publication in accordance with a pre-established calendar (see "Calendar Of 2025 EMEA Sovereign, Regional, And Local Government Rating Publication Dates," published Dec. 19, 2024, on RatingsDirect). Under the EU CRA Regulation, deviations from the announced calendar are allowed only in limited circumstances and must be accompanied by a detailed explanation of the reasons for the deviation. In this case, the reasons for the deviation are the announcement by the government that budget and debt data for the past four years are subject to revision, along with the publication of the audit report on public finances.

The next rating publication on the sovereign rating on Senegal is scheduled for May 16, 2025.

Outlook

The negative outlook reflects our opinion that Senegal's fiscal consolidation path could be subject to significant implementation risks, which could complicate expected financing plans.

Downside scenario

We could lower the rating if Senegal's financing pressures rise. This could happen because of slower fiscal consolidation than planned or more limited access to market funding. While not our base case, we could also lower the rating if we view any future potential debt-repurchase operations, domestic or external, to be akin to a distressed exchange, under our criteria.