Macron has sought to push through unpopular reforms to France’s retirement system. (Photo: AFP)
PARIS: Credit ratings agency Fitch downgraded France’s debt worthiness a notch to “AA-” from “AA” on Friday, claiming the country’s “fiscal metrics are weaker than peers.
“Public finances, and in particular the high level of government debt, are a rating weakness,” Fitch said in a commentary on its rating action which said the country’s outlook was stable.
“Political deadlock and (sometimes violent) social movements pose a risk to (President Emmanuel) Macron’s reform agenda and could create pressures for a more expansionary fiscal policy or a reversal of previous reforms.”
The commentary warned that “materially lower economic growth…
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