US EditionS&P Cuts France Credit Rating From AA to A+
S&P warns slower deficit reduction due to political challenges as France aims to cut deficit to 4.7% of GDP in 2026, Finance Minister says government remains committed.
- On October 18, 2025, S&P Global cut France's long-term rating to A+ from AA, citing risks the government would fail to significantly reduce its deficit next year.
- French President Emmanuel Macron is pushing deep spending cuts through a divided French parliament, while Prime Minister Sébastien Lecornu backtracked on a pension reform raising retirement age from 62 to 64 to avoid a no-confidence vote.
- S&P said the 2025 general government budget deficit target of 5.4 percent of GDP will be met, but consolidation will be slower without additional deficit-reducing measures.
- The government submitted a 2026 draft budget to parliament that the finance ministry said aims to accelerate reduction of the public deficit while preserving growth, and Finance Minister Roland Lescure urged both government and parliament to adopt a consistent budget.
- The finance ministry said `This is a key step that will enable us to meet France's commitment to bring the public deficit below 3 percent of GDP in 2029`.
32 Articles
32 Articles
France Hit With Another Credit Downgrade
S&P Global Ratings has downgraded France’s sovereign credit rating from AA- to A+, citing persistent uncertainty over the country’s public finances despite the recent presentation of its 2026 budget proposal. It is the second downgrade in 18 months, coming just weeks after Fitch lowered France’s rating in September. The decision underscores mounting pressure on President Emmanuel Macron’s government to rein in spending as debt and deficit figure…
The S&P rating agency has advanced its schedule to lower the French rating of AA- ("high or good quality") to A+ ("high average quality"). A message addressed to the political class and the financial markets, in a context of lasting instability.
After Moodys and Fitch, Standard & Poor has, on Friday 17 October, again lowered the note of the sovereign debt of France, from AA- to A+. It is far from the time when the three main players in the sector granted the country the "triple A", index of maximum financial reliability.
The rating agency S&P Global Ratings announced on Friday evening that France's rating to A+ would be lowered by one step, considering that "despite the presentation this week of the draft budget 2026, the uncertainty about French public finances remains high." In September, the Fitch agency had already done the same. ...
The S&p Agency Degrades France's Rating: "a Call for Lucidity and Seriousness," Says Roland Lescure.
The Minister of Economy reacted this Saturday morning to the decision of the U.S. rating agency Standard & Poor, which lowered the French rating from AA- to A+ by one step, citing "high" uncertainty about public finances.
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