Moody's moves Senegal outlook to stable

Moody's Investors Service said it affirmed the government of Senegal's Ba3 long-term issuer ratings and changed the outlook to stable from negative. The agency also affirmed Senegal's foreign-currency senior unsecured debt has also been affirmed at Ba3.

“The outlook change to stable from negative reflects an increased likelihood in Moody's view that the government's debt burden will stabilize, and in the absence of new significant shocks, eventually embark on a downward trajectory over the coming years. In particular, as energy projects come on stream and significantly bolster economic growth, Senegal benefits from some resilience to the global implications of Russia's invasion of Ukraine,” Moody’s said in a press release.

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