We derive from particle-level dynamics a constitutive model describing the rheology of twodimensional dense soft suspensions below the jamming transition, in a regime where hydrodynamic interactions between particles are screened. Based on a statistical description of particle dynamics, we obtain through a set of physically plausible approximations a non-linear tensorial evolution equation for the deviatoric part of the stress tensor, involving the strain-rate and vorticity tensors. This tensorial evolution equation involves singular terms usually not taken into account in phenomenological constitutive models, which most often assume a regular expansion in terms of the stress tensor. All coefficients appearing in the equation have known expressions in terms of the microscopic parameters of the model. The predictions of this microscopically grounded constitutive model have several qualitative features that are specific to the rheology of soft suspensions measured in experiments or simulations. The model shows a typical behavior of polymeric visco-elastic materials, such as normal stress differences quadratic in the shear rate γ, as well as typical behaviors of suspensions of stiff particles, such as a particle pressure linear in γ and a zero-shear viscosity diverging at the jamming transition. The model also predicts a sharper shear thinning than other visco-elastic models at small shear rates, in qualitative agreement with experimental observations. Furthermore the shear thinning follows a critical scaling close to the jamming transition.