Senegal's credit rating downgraded by S&P over high debt

S&P said it now estimated that the government's debt-to-GDP ratio finished last year at 118%. Senegal's sovereign credit rating was cut by S&P Global to B- late on Monday and immediately put it back on a negative outlook - effectively another downgrade warning - due to growing concerns about the country's soaring debt levels. Senegal's recently increased its debt figures following an audit and S&P said it now estimated that the government's debt-to-GDP ratio finished last year at 118%, versus its previous forecast of 104%. S&P said the decision to put Senegal's rating back on a 'negative outlook' reflected concerns that the higher debt figure, coupled with higher-than-expected financing requirements for this year, and large debt payments next year, would "intensify funding pressures on the government." "We understand that Senegal's external financing requirements materially exceed our previous estimates, which may complicate negotiations on a new program with the International Monetary Fund," S&P added in its rating review published late on Monday.