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France’s rating is moved to “AA” with a “stable” outlook from “AA+” with a “negative” outlook

Rating of France by Standard and Poor’s

Pierre MOSCOVICI takes note of Standard and Poor’s’ decision to set the rating of the French Republic at “AA” with a “stable” outlook, from “AA+” with a “negative” outlook and reaffirms the French State’s credit quality.

Pierre MOSCOVICI, the Minister of Economy and Finance, regrets the decision of Standard and Poor’s’ to set the long-term rating of France at “AA” with a “stable” outlook, even though he notes that this rating remains among the highest in the world.

The high rating testifies to France’s well-known assets –in particular, its dynamic demography, the quality of its infrastructures, the high level of education and productivity of its labour force, the high private sector savings rates, and its status as a large euro area benchmark sovereign issuer.

The “stable” outlook reflects the Government’s commitment to containing public debt, according to Standard and Poor’s.

Pierre MOSCOVICI regrets the inaccurate criticisms made by Standard and Poor’s. He reminds observers that during the last eighteen months the Government has implemented major reforms aimed at improving the French economic situation, restoring its public finances, and its competitiveness, through a method relying on consultation and dialogue. In particular, these reforms include the National Compact for Growth, Competitiveness and Jobs, the law on employment securisation, the plans for public action modernisation, the pension scheme reform, the creation of BPI France and the banking reform. Never before had a government carried out as many reforms in a so short period of time, in such a challenging environment.

The French debt is and remains among the safest and most liquid ones within the Eurozone, benefiting from historically low rates, sign of investors’ reaffirmed confidence. This confidence strengthens the Government’s conviction that its strategy is the right one.

Pierre MOSCOVICI stresses the Government‘s unaltered determination to continuing its action towards reducing public deficit, restoring competitiveness and supporting growth and employment.

Ministre de l’Economie et des Finances
Communiqué de presse
Paris, le 8 novembre 2013

Vendredi 8 Novembre 2013