- S&P Global Ratings downgraded Senegal's credit score to 'junk territory' (CC) due to the high likelihood of a distressed debt exchange or default.
- The downgrade follows Senegal's announcement of a plan to restructure its foreign-currency commercial debt, excluding CFA franc-denominated debt, under the G20 Common Framework.
- The country also reached a staff-level agreement with the IMF for a new $2.2 billion program, but S&P anticipates creditors will receive less than promised, with potential inclusion of local currency debt in the restructuring.
Topics: Jurisdictions, Legal regulatory, Public debt, Emerging hubs, Enforcement actions litigation, Global sovereign bond tokenization
Tags: #senegal #spglobalratings #creditrating #junkterritory #debtexchange #default #debtrestructuring #imf #eurobonds #commonframework
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