The announcement was expected and even feared by the executive branch. On Friday evening, June 2, the US rating agency S&P (formerly Standard & Poor’s) maintained France’s rating at AA. Relief, although Fitch Ratings downgraded it from AA to AA-.

“Increasingly fearful of seeing how the S&P will match Fitch, French government ministers, especially [le ministre de l’Économie] Bruno Le Maire and Prime Minister Elisabeth Bourne campaigned vigorously this week, reaffirming their government’s commitment to structural reforms to prevent further deterioration.” detailed Politico.

If the announcement of the preservation of the French banknote was met with satisfaction by the government, then the Minister of Economy described it as “positive sign” on the pages Sunday newspaper – The foreign press is more reserved about the state of the French economy.

Growing debt burden

France’s rating, which influences how France borrows, is affected by