Moody’s downgraded Niger’s long-term foreign and local currency issuer ratings to Caa2 from B3, citing potential default risks. Economic and financial sanctions imposed by ECOWAS and WAEMU following a military coup have led to this downgrade. If these sanctions persist, it will likely prevent Niger from making principal or interest payments to external creditors, constituting a default. The downgrade also reflects a decline in Niger’s institutional strength and governance, hampering access to donor support.