Moody's Investor Services has today affirmed Senegal's B1 government bond and issuer ratings and maintained the positive outlook. Senegal's short-term rating is affirmed at Not Prime.
Moody's affirmation of Senegal's B1 sovereign ratings reflects a number of credit supports, including its history of political stability and track record of macro-stability which its membership of the franc Zone and West African Economic and Monetary Union (WAEMU) contributes to. These are balanced against credit constraints, including high and rising government debt levels, the country's low income per capita, as well as its reliance on foreign assistance. The positive outlook recognizes the prospect of improved creditworthiness derived from stronger growth potential, ongoing structural reforms and fiscal consolidation efforts.
All Senegal's country and deposit ceilings remain unchanged at Baa1.
