Ratings agency S&P downgrades French credit score from AA to AA-

S&P Global Ratings downgraded France's long-term credit rating from AA to AA- on May 31, 2024, with a stable outlook, due to the rise in the public deficit. © Emmanuel Dunand, AFP

Ratings agency S&P on Friday downgraded France's credit score for the first time since 2013, citing a deterioration in the country's budgetary position.

S&P justified its decision to lower its rating for the EU's second-largest economy to "AA-" from "AA" by saying the budget deficit was forecast to remain above three percent of GDP in 2027.