Arab Today, arab today fitch downgrades france from top rating
Last Updated : GMT 18:08:22
Arab Today, arab today
Arab Today, arab today

Fitch downgrades France from top rating

Arab Today, arab today

Arab Today, arab today Fitch downgrades France from top rating

Paris - AFP

Ratings agency Fitch downgraded France from the top AAA credit rating on Friday, citing a heavier government debt load and poor prospects for growth. In slashing France\'s rating to \'AA +\', Fitch became the last of the big three credit raters to knock France off the top perch. Last year Standard & Poor\'s and Moody\'s already downgraded France from the AAA club. Fitch, which is part French owned, had warned in its previous appraisal that France had reached the very limit of being able to hold on to its top grade grail. But with Fitch now expecting public debt to peak next year at 96 percent of gross domestic product, the agency said it had no choice but to lower the mark, though with a stable outlook. \"The agency commented at the time of its previous rating review that this was the limit of the level of indebtedness consistent with France retaining its \'AAA\' status assuming debt was firmly placed on a downward path from 2014.\" France\'s debt ratio, the agency added, was \"significantly higher\" than the AAA median of 49 percent. France\'s fiscal problems were pressing \"owing to the uncertain growth outlook and the ongoing eurozone crisis, even assuming no wavering in commitment to fiscal consolidation,\" Fitch said. Since Socialist Francois Hollande became president in 2012, his government has raised taxes and implemented targeted reforms and spending cuts to try to whittle down the country\'s huge debt load. But with the eurozone crisis still alive, and the currency bloc still mired in recession, the measures have proven ineffective and unemployment soared to a 15-year high of 10.9 percent in May. \"The weaker economic outlook is the primary factor behind increases in the budget deficit and France\" needing more time to meet EU rules on government spending, it said. Fitch forecasts that the French economy will contract by 0.3 percent in 2013 and then return to slight growth of 0.7 percent in 2014. This is more pessimistic than the government\'s outlook of 0.1 percent growth this year and 1.2 percent in 2014. French Finance Minster Pierre Moscovici brushed off the downgrade Friday maintaining that \"French debt is among the safest and most liquid in the eurozone\". With the confidence of investors strong, French borrowing prices were low and \"this confidence reinforces the government\'s conviction that its strategy is the right one,\" he said.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today fitch downgrades france from top rating Arab Today, arab today fitch downgrades france from top rating

 



Arab Today, arab today
Arab Today, arab today Reveals his participation in "Fashion Star" TV show

GMT 12:49 2017 Wednesday ,01 March

Reveals his participation in "Fashion Star" TV show
Arab Today, arab today Tabarka beauty between sea, mountain

GMT 06:37 2017 Wednesday ,01 March

Tabarka beauty between sea, mountain
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Russia, China veto UN resolution

GMT 07:27 2017 Wednesday ,01 March

Russia, China veto UN resolution
Arab Today, arab today NUMP's conference to discuss proplems

GMT 13:40 2017 Wednesday ,01 March

NUMP's conference to discuss proplems

GMT 06:20 2017 Tuesday ,28 February

Beijing to speed up approval of IPOs

GMT 05:15 2017 Tuesday ,28 February

Funds prepare $2bn oil market play as supply tightens

GMT 05:34 2017 Monday ,27 February

Brexit sows seeds of doubt for British farmers

GMT 06:38 2017 Sunday ,26 February

US rig count increases
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Lasers flesh out dino-bird profile

GMT 12:24 2017 Wednesday ,01 March

Lasers flesh out dino-bird profile
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Final Phantom VII signals end of an era

GMT 14:31 2017 Tuesday ,28 February

Final Phantom VII signals end of an era
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Najla Badr will participate in “30 Days” drama

GMT 06:23 2017 Monday ,27 February

Najla Badr will participate in “30 Days” drama
Arab Today, arab today Humans spark most US wildfires

GMT 14:58 2017 Tuesday ,28 February

Humans spark most US wildfires

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:54 2017 Wednesday ,01 March

Shanghai expands public smoking ban

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:27 2017 Wednesday ,01 March

GSMA: 5 billion mobile phone users in 2017

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday