France has been downgraded by S&P Global in a blow to Emmanuel Macron’s credibility as a steward of the economy, once the bright spot of his presidency.
The credit rating agency changed France’s long-term issuer rating from AA to AA- with a stable outlook, citing concerns that the trajectory of government debt as a share of gross domestic product would increase through 2027 and not fall as previously forecast.
S&P also said France’s lower-than-expected growth was a factor. It expressed concern that “political fragmentation” would make enacting reforms to boost growth or “address budgetary imbalances” difficult for Macron’s government.
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