Finance

Senegal: S&P maintains B+/B sovereign debt ratings, with positive outlook

Wednesday, 21 December 2016 18:21

Ratings agency Standard & Poor’s (S&P) confirmed on December 16, the long and short term sovereign debt rating, both in the local and foreign currencies, of Senegal at B+/B with stable outlook.

S&P said in a statement that Senegal’s economic growth should remain strong due to public and private investments as well as reforms planned in the framework of the Plan Senegal Emergent (PSE). This growth should be around 6.6% for the 2015-2019 period, against 3.5% average between 2011 and 2014.

However, associated risks are many. These include an extended drought or a slump in prices of the country’s main export commodities.

The agency added that Senegal’s ratings are impaired by the low level of revenues per habitant ($1,000 in 2016) and a limited monetary flexibility. It also said the global public deficit decreased to 4.2% of GDP in 2016, against 4.8% in 2015 and 5.8% average in 2011-2014. The government’s goal is to achieve WAEMU’s standard, knowingly 3%, a year before 2019 which is the deadline.

S&P indicated that Senegal’s stable outlook reflects its forecasts for a strong and sustainable growth, progressive budget consolidation, next year.

On the same topic
• Kenya and ASR sign deal to reduce risk on projects worth up to $2 billion.• Risk cover will target infrastructure, energy, logistics, and trade...
• The IMF has approved an immediate disbursement of $367 million to Ghana, bringing the total financial support provided to the country since May...
Zenith Bank is in advanced talks to acquire a tier-two bank in Kenya. The Central Bank of Kenya has raised capital requirements, triggering market...
• DPI acquires minority stake in Egypt’s largest private hospital group• Funds to support expansion across Egypt and key Gulf countries• Investment among...
Most Read
01

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
02

• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...

Afreximbank Bonds Retain Market Confidence Despite Moody’s Downgrade
03

• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...

Algeria Awards Commercial 5G Licenses
04

• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...

Nigeria Secures $100 mln ECOWAS Bank Loan for Lagos-Calabar Coastal Highway
05

• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...

IFC Plans Investment Fund to Help Grow African Film Industry
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.