Moody’s alters Senegal view to negative

Moody’s Investors Service said it changed the outlook to negative from under review and confirmed the foreign- and local-currency issuer and senior unsecured ratings of the government of Senegal at Ba3.

This concludes the review for downgrade started on June 12, Moody’s said.

“The negative outlook reflects risks associated with the relatively high central government debt burden, which Moody’s expects to reach about 65% of GDP in 2021 from 56% in 2019, and 325% of revenue. The coronavirus shock is exacerbating an upward trend in the debt burden that started before the shock,” Moody’s said in a press release.

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