Moody’s Downgrades Senegal’s Credit Rating Amid Hidden Debt Scandal

• Moody’s lowers Senegal’s rating from “Ba3” to “B1” with a “stable outlook” due to a larger-than-expected budget deficit
• Discovery of $3.4 billion hidden debt raises concerns over Senegal’s financial credibility

Dakar, Senegal – Moody’s Investors Service has downgraded Senegal’s long-term credit rating from “Ba3” to “B1,” citing a larger-than-expected budget deficit. The downgrade, which includes a “stable outlook,” presents a challenge for the West African nation as it seeks to maintain international investor confidence.