{"id":1914,"date":"2021-10-02T15:36:12","date_gmt":"2021-10-02T15:36:12","guid":{"rendered":"https:\/\/challengeseconomiques.com\/?p=1914"},"modified":"2021-10-02T15:36:34","modified_gmt":"2021-10-02T15:36:34","slug":"notation-de-la-dette-en-monnaie-locale-le-senegal-dans-une-bonne-posture","status":"publish","type":"post","link":"https:\/\/challengeseconomiques.com\/?p=1914","title":{"rendered":"Notation de la dette en monnaie locale:  Le S\u00e9n\u00e9gal dans une bonne posture"},"content":{"rendered":"<p><strong>Abdoulaye Daouda Diallo et Stanislas Z\u00e9z\u00e9, le patron de Bloomfield, lors de la pr\u00e9sentation du rapport<\/strong><\/p>\n<p>En attendant la production de ses premiers barils de p\u00e9trole, le S\u00e9n\u00e9gal doit encore &nbsp;faire appel aux march\u00e9s financiers, pour financer son d\u00e9ficit. Le gouvernement utilise ainsi toutes les solutions \u00e0 sa port\u00e9e pour rassurer les investisseurs, afin de les inciter \u00e0 faire confiance au S\u00e9n\u00e9gal. Le recours \u00e0 la notation fait partie de ces solutions. Elle peut \u00eatre en devises, et depuis quelques ann\u00e9es en monnaies locales. La notation est le fait d\u2019Agences de notation dont les plus c\u00e9l\u00e8bres sont Standards and Poors, Moody\u2019s, Fitch etc.<\/p>\n<p>La notation correspond \u00e0 la capacit\u00e9 de remboursement de l&rsquo;\u00c9tat, en fonction de ses engagements, envers ses cr\u00e9anciers. La note porte en g\u00e9n\u00e9ral sur la politique budg\u00e9taire, la politique mon\u00e9taire (dans la&nbsp; sous-r\u00e9gion Afrique de l\u2019ouest, elle est du ressort de la BCEAO) et la situation \u00e9conomique.<\/p>\n<p>Depuis quelques ann\u00e9es, on assiste aussi \u00e0 l\u2019implantation d\u2019Agences de notation&nbsp; financi\u00e8res africaines. Il y a d\u2019abord eu l\u2019Agence WARA (West African ratings agency) et aujourd\u2019hui, il y a Bloomfield investment, l\u2019Agence qui a not\u00e9 le S\u00e9n\u00e9gal pour sa dette en monnaie locale, elle est bas\u00e9e \u00e0 Abidjan, la capitale ivoirienne.<\/p>\n<p>Bloomfield a attribu\u00e9 au S\u00e9n\u00e9gal la note d\u2019investissement \u00e0 long terme &nbsp;A- Risque faible, avec une perspective stable, selon le ministre des Finances et du Budget, Abdoulaye Daouda Diallo.&nbsp;\u00ab&nbsp;Nos perspectives sont encourageantes s\u2019est r\u00e9jouis&nbsp;\u00bb&nbsp;le ministre des Finances et du budget, lors de la &nbsp;pr\u00e9sentation du rapport de la premi\u00e8re notation du S\u00e9n\u00e9gal, en monnaie locale. &nbsp;Il faut cependant, noter que &nbsp;\u00ab&nbsp;cette capacit\u00e9 peut \u00eatre influenc\u00e9e par des conditions \u00e9conomiques d\u00e9favorables&nbsp;\u00bb. A court terme, Bloomfield a attribu\u00e9 &nbsp;la note d\u2019investissement A2, avec une perspective&nbsp;stable. Ici il faut relever \u00ab&nbsp;le niveau de risque de cr\u00e9dit&nbsp; bas&nbsp;\u00bb. Par ailleurs, il faut souligner que les Agences de notation financi\u00e8res, sont davantage en d\u00e9saccord sur l\u2019\u00e9valuation des risques des obligations en monnaies locales.<\/p>\n<p><strong>Pourquoi recourir \u00e0 la notation en monnaie locale<\/strong><\/p>\n<p>Afin de r\u00e9duire la d\u00e9pendance envers les entr\u00e9es de capitaux \u00e9trangers, de nombreux gouvernements d\u00e9veloppent depuis quelques ann\u00e9es un march\u00e9 obligataire dans leur propre monnaie. C\u2019est en ce moment le cas en Afrique de l\u2019ouest. Du fait de l\u2019essor rapide de ce second segment, les emprunteurs souverains sont maintenant pratiquement aussi nombreux, \u00e0 \u00eatre not\u00e9s sur leur dette en monnaie nationale, qu\u2019en devises, &nbsp;selon une \u00e9tude que nous avons visit\u00e9e. Le S\u00e9n\u00e9gal est en Afrique de l\u2019Ouest le troisi\u00e8me pays \u00e0 \u00eatre not\u00e9, apr\u00e8s la C\u00f4te d\u2019Ivoire et le B\u00e9nin. Avec la dette en monnaie locale, la &nbsp;diff\u00e9rence se justifie habituellement, selon cette \u00e9tude &nbsp;par l\u2019aptitude des \u00c9tats \u00e0 taxer les avoirs en monnaie nationale et \u00e0 d\u00e9cider de leur affectation, ce qui semble souvent moins le cas pour ceux en devises. En outre, \u00ab alors que l\u2019emprunteur souverain doit se procurer des devises pour rembourser les dettes ainsi contract\u00e9es, il peut recourir \u00e0 la cr\u00e9ation mon\u00e9taire pour honorer les engagements dans sa propre monnaie \u00bb.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Abdoulaye Daouda Diallo et Stanislas Z\u00e9z\u00e9, le patron de Bloomfield, lors de la pr\u00e9sentation du rapport En attendant la production de ses premiers barils de&#8230;<\/p>\n","protected":false},"author":3,"featured_media":1915,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23,10],"tags":[],"class_list":["post-1914","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-a-la-une","category-infos-eco","wpcat-23-id","wpcat-10-id"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - 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