Fitch Ratings downgrades France main credit rating by one notch

13.07.2013 17:16
Fitch Ratings downgrades France main credit rating by one notch

YEREVAN, July 13. / ARKA /. Fitch Ratings has lowered France's principal credit rating by a notch, reflecting the country's elevated government debt and weak economy, RBC reported citing news agencies.

Fitch said Friday it cut France's long-term foreign and local currency issuer default ratings to "AA+" from "AAA." It said the outlook was stable. The other two big rating agencies, Moody's Investors Service and Standard & Poor's, downgraded France's rating last year.

At the same time, Fitch affirmed France's short-term foreign currency issuer default rating at F1 and its country ceiling at AAA.

The rating agency says it estimates France's government debt will peak at 96 percent of gross domestic product next year and to decline only gradually over the long term.

Fitch noted in its statement that, on the plus side, France's economy is diverse and its political stability is anchored by strong civil and social institutions. The country has a "track record" of stability in its financial system, including low and stable inflation, Fitch said. -0-


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