The Standard & Poor’s financial services office located in a modern city environment.
Senegal’s economic troubles deepened this week as S&P Global Ratings downgraded the country’s credit rating from B to B-, signaling growing investor concern. The agency also issued a “negative outlook,” hinting that another downgrade may be on the horizon. S&P warned that Senegal’s worsening debt crisis is intensifying pressure on government finances, noting that the debt-to-GDP ratio reached 118% in 2023—far above S&P’s earlier projection of 104%. This follows a similar move by Moody’s in February, which also downgraded Senegal’s rating and outlook. Although the government has pledged to reduce its budget deficit by 3% annually until 2027, the path ahead appears steep.
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