Notation du Sénégal encore abaissée : L’amère nouvelle de S&P Global Ratings
Rating agencies are not making things easy for the Senegalese authorities. Indeed, S&P Global Ratings has just announced yet another downgrade of Senegal's local currency credit rating (long and short term) from B-/B to CCC+/C, with a negative outlook.
According to the S&P Global Ratings rating grid, the CCC+/C rating indicates a very high credit risk and significant vulnerability, characterized by liquidity pressures and dependence on economic conditions.
The agency also said it had confirmed its foreign currency rating (long and short term) at CCC+/C, with a negative outlook. "We have removed all ratings from the watch list," the rating agency added.
She explains that the negative outlook "reflects the persistent risks associated with refinancing Senegal's high level of public debt in a context of deteriorating global financing conditions and a lack of progress in securing significant multilateral support that could restore access to less costly concessional financing and alleviate liquidity pressures."
S&P global ratings states that it could further lower Senegal's rating if refinancing pressures intensify further, or if a deterioration in fiscal performance increases net borrowing needs beyond current projections.
The rating agency also states that it could revise its outlook to stable if the country's economic growth and fiscal performance exceed forecasts, and if the authorities return to an IMF program without debt restructuring. "This would restore access to concessional financing and ease external and fiscal pressures," it indicates.
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