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France loses its AAA rating with a negative outlook  Join our daily free Newsletter

MENAFN - 20/11/2012

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(MENAFN) France, Europe's second largest economy, has lost its triple-A rating by one notch on Moody's scale, citing an uncertain fiscal outlook and weakening economy, Reuters reported.

France's downgrade from AAA rate to Aa1, which follows a cut by Standard & Poor's in January, was widely expected but is still a blow to President Francois Hollande's efforts to convince the world that France's public finances and stalled economy can be fixed.

Moody's said it was keeping a negative outlook on France due to structural challenges and a "sustained loss of competitiveness" in the country, where business leaders blame high labor charges for flagging exports.

Finance Minister Pierre Moscovici said the downgrade was a motivation for the government to pursue reforms.

He added that the government was committed to meeting its target of cutting the public debt to 3 percent of GDP in 2013 from an estimated 4.5 percent this year.

 






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