The financial rating agency Bloomfield Investment Corporation Monday lowered the outlook on Senegal’s sovereign credit rating from “stable” to “negative,” while maintaining the long-term local currency rating at BBB+.
In a statement released from Abidjan, the agency also indicated that the short-term local currency rating remains at A3.
However, the country’s entire rating is now under review. Bloomfield explains this decision by citing “the recent deterioration of the political and institutional environment” in Senegal.
The agency specifically refers to the dismissal of the prime minister, an event that has led to a sharp rise in political and institutional tensions.
According to the financial institution, the election of the former prime minister to the presidency of the National Assembly could exacerbate the risks of institutional gridlock, with potential consequences for the continuity of public policies as well as for economic and budgetary coordination.
This decision comes in an already fragile economic context. In its rating report covering the period November 2025-October 2026, Bloomfield notes significant liquidity pressures, increased strain on
public finances, and substantial refinancing needs in both domestic and international markets.
The agency also highlights several structural vulnerabilities, including a widening budget deficit, high debt levels, and a heavy reliance on external debt, which represented 73.4% of public debt in
2024.
Bloomfield thus warns that the risks to Senegal’s ability to meet its financial obligations have significantly intensified, raising concerns about potential debt service pressures in the short and medium term.
The monitoring will allow for an assessment of the evolving political and institutional situation, the stability of the governance framework, the maintenance of macroeconomic stability, and the
country’s access to financing.
Despite these concerns, the agency highlights certain factors contributing to the resilience of the Senegalese economy, including the dynamism of economic activity, the development of oil and gas
production, the growth in tax revenues, and the reforms undertaken in public finance management.
Bloomfield nevertheless warns that a worsening of political instability, a further deterioration in fiscal indicators, or increased liquidity difficulties could lead to a further downgrade of the sovereign rating.
Conversely, a return to a more stable institutional environment, accompanied by credible fiscal consolidation measures and a restoration of investor confidence, could allow for a stabilisation of
Senegal’s outlook.
ARD/te/fss/as/APA