Moody’s cut Senegal’s foreign-currency debt ratings to “Ca” from “Caa2,” with a stable outlook, in its fifth consecutive downgrade.

The new band corresponds to expected losses of 35% to 65% for external private creditors, against 10% to 20% for “Caa2.” Public debt stands at about 97% of GDP after the government disclosed previously unreported liabilities, and Senegal is negotiating a debt restructuring.