SP Cuts Senegal Debt Rating to CC
SP Global Ratings downgraded Senegal to CC due to likely debt restructuring losses for creditors. The action follows hidden debt discoveries and precedes a planned IMF loan.
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S&P GLOBAL INC cut Senegal's long-term foreign-currency rating to CC from CCC+, citing a high likelihood of distressed debt restructuring losses. The rating action follows the 2024 discovery of billions in hidden government debt. The downgrade comes despite a recent staff-level agreement with the IMF for a $2.2B loan package.
