Fitch downgrades France in shock move
CNBC · Just In
CNBC
Just In
Fitch has downgraded France's credit rating to A+ from AA-, citing an increased fragmentation and polarization of domestic politics. It comes just after President Macron named Sebastien Lecornu as Prime Minister, following weeks of political turmoil over the country's budget.
Breakdown
- Fitch downgraded France's credit rating to A+ from AA-, citing political fragmentation.
- The downgrade follows the appointment of Sebastian Le Corneuil as prime minister after budget turmoil. 10s
- Fitch projects France's debt to rise to 121% of GDP by 2027, with no clear stabilization in sight. 1m 14s
- Political instability and upcoming strikes present ongoing challenges for the new government. 2m 48s
- Other rating agencies may follow Fitch's move, with reviews scheduled in the coming months. 1m 50s