S&P Downgrades Senegal Debt Deeper Into Junk Following Restructuring Plan

S&P Global Ratings further downgraded Senegal's credit rating into junk status after the government initiated a plan to restructure its foreign-currency commercial debt, warning that a distressed exchange or default is highly likely.

• S&P Global Ratings cut Senegal's credit score further into junk territory.
• The downgrade was prompted by a government plan to restructure commercial foreign debt.
• S&P stated a distressed debt exchange or default is extremely likely.