Senegal’s dramatic two-notch credit rating downgrade in February 2025 by the credit rating agency Moody’s was followed by a Standard & Poor’s downgrade in July.
Moody’s decision marked a three-notch deterioration in Senegal’s rating in four months. The scale of the revisions was rare, especially for countries not already in default or active restructuring.
The ratings collapse triggered a selloff in Senegal’s Eurobonds. It also cast a shadow over the country’s ongoing negotiations with the International Monetary Fund.
