Moodys Cuts Senegal Rating
Moodys downgraded Senegals foreign-currency rating to Ca from Caa2. The agency warns creditors face larger losses during the upcoming debt restructuring.
Senegal's foreign-currency rating was cut two notches to Ca from Caa2 by Moody's, pushing the sovereign deeper into junk territory. The downgrade on Thursday follows the government's September announcement to seek debt relief under the G20 Common Framework. Private creditors now face larger losses than previously anticipated during the planned restructuring process.
