Standard & Poors on Friday cut France’s credit rating on expectations that its debt will rise higher than previously anticipated in the coming years, heaping pressure on Prime Minister Sébastien Lecornu’s budget plans.
S&P is the third rating agency to downgrade France in about a month, and comes just days after Lecornu secured a fragile government at the expense of pausing President Emmanuel Macron’s proposed pensions reforms.
Lowering France’s credit rating from AA- to A+ with a stable outlook, S&P said it expects France would succeed in hitting its 5.4 per cent budget deficit forecast for this year.
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