- Published: Wednesday, 15 November 2017 10:55
- Sourced by SolutionsTeam
We think Senegal is one of the good news stories in sub-Saharan Africa, which will be reinforced as GDP is revised up by perhaps 30% in 2018.
Senegal was one of only two sub-Saharan African countries to be upgraded in 2017
Senegal is the only sub-Saharan African country we follow to get upgraded in 2017, from B1 to Ba3 by Moody’s in April. This put it one notch above the B+ S&P rating which is unchanged since 2000. In the rest of sub-Saharan Africa over 2017, only Burkina Faso received an upgrade from B- to B; it is also in the West Africa Economic and Monetary Union (WAEMU). There are IMF programmes with virtually every one of the WAEMU member states, which may be helping this positive trend. We have assumed no further change in Senegal’s ratings, but after this week’s visit to Dakar, we see upside risk to ratings in 2018-2019.