S&P downgrades Senegal’s local currency rating to CCC+ over refinancing risks

Credit ratings agency S&P on 27 March 2026 lowered Senegal’s local currency rating to CCC+/C from B-/B, citing rising refinancing risks and the government’s growing dependence on short-maturity domestic debt. The downgrade also reflects stalled negotiations between Dakar and the International Monetary Fund over a new lending programme.

The decision signals deepening concern among international creditors about Senegal’s fiscal trajectory as the government struggles to manage its debt obligations.