Moody’s lowers France’s credit rating to… "er 3"
Paris, December 14 / WAM / Moody’s, the credit rating agency, announced that it reduced France’s credit rating to “AA3” with a stable outlook.
The media quoted the agency as saying that the decision to lower France’s credit rating to “AA3” reflects its view that public finances in this country will be greatly weakened due to political fragmentation in the country that is likely to limit, in the foreseeable future, the scope and size of the measures. Which can be taken to reduce the large deficit.
The downgrade came hours after French President Emmanuel Macron on Friday appointed François Bayrou as the country’s new prime minister, succeeding Michel Barnier, who was ousted in a vote of no confidence on December 4.
Moody’s said that there is a very small possibility that the next government will reduce the size of the fiscal deficit sustainably after next year.
She added that she expects, as a result, that public finances in France will be significantly weaker over the next three years compared to the baseline scenario she set last October.
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