Credit ratings agency S&P on Friday downgraded Senegal’s long-term sovereign credit rating to “CCC+” from “B-”, citing the country’s precarious debt position. The agency also placed Senegal’s ratings on CreditWatch Developing, signaling that it could lower them further if the government is unable to refinance its upcoming commercial maturities. “Public-sector borrowing needs for 2026 are elevated, as is the level and cost of general government debt and the starting point for the budgetary deficit, making public finances precarious,” the agency said. Senegal’s finances were thrown into crisis last year after a new government uncovered previously unreported debts left by the former administration, which have since ballooned to USD 11 billion. Moody’s last rated Senegal at Caa1 with a negative outlook.