S&P affirms Senegal

Standard & Poor's Ratings said it affirmed its B+ long-term and B short-term foreign and local currency sovereign credit ratings on the Republic of Senegal. The outlook is negative.

The transfer & convertibility assessment on the Republic of Senegal remains at BBB-, which is the same for all countries belonging to the West African Economic and Monetary Union.

The recovery rating is 4, indicating an expectation of average recovery in the event of a payment default.

The agency said the ratings on Senegal are constrained by the country's low level of economic development, weak social indicators and persistent external and fiscal deficits. The ratings are supported by recent political advances, good relations with donors and monetary stability, as provided by CFA franc zone membership.

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