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Citi Says Senegal Debt Plan Exposes BOAD, AFC to Corporate Credit Risk
Citigroup Inc. stated that the West African Development Bank (BOAD), the African Export–Import Bank, the Africa Finance Corp., and Ecobank Transnational Inc. are most exposed to corporate credit risk under Senegal’s planned debt treatment. The West African nation earlier this week unveiled plans to rework its debt under an enhanced version of the Group of 20’s Common Framework after reaching a $2.2 billion program with the International Monetary Fund, contingent on board approval. The debt treatment will exclude CFA franc-denominated obligations.
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