S&P downgraded Senegal’s credit rating to B, with a negative outlook, after a court of auditors found a larger-than-expected budget deficit during ex-President Macky Sall’s final term. The downgrade follows Moody’s rating cut to B3. Senegal’s debt-to-GDP ratio surged to 99.7% in 2023, up from 65.6% in 2019. The budget deficit was estimated at 12.3% of GDP in 2023, far exceeding the 4.9% deficit from the previous administration.