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Lucky you: France will keep its AAA rating, says S&P

Concerns had been raised over exposure to Greek debt and zero economic growth.

French president Nicolas Sarkozy (r) with German chancellor Angela Merkel.
French president Nicolas Sarkozy (r) with German chancellor Angela Merkel.
Image: MICHEL EULER/AP/Press Association Images

FRANCE WILL MAINTAIN its AAA credit rating despite the uncertainty plauging the Eurozone at present, according to at least one agency.

Standard & Poor’s, who controversially downgraded the US’s AAA rating to AA-plus recently, has said that the outlook for France is stable, Reuters reports.

“We are confident in this stable AAA rating,” Carole Sirou, S&P’s head of France told RTL radio. She said the grade was not dependent on specific budgetary commitments but a “trajectory, a commitment.”

There have been worries over a French downgrade following turmoil on the stock market last week and plunging bank shares amid fears of high exposure to debt in Greece. France’s economy also posted zero growth in its second quarter.

S&P downgraded the US rating from AAA for the first time ever last month following the indecision and uncertainty which plagued lawmakers attempts to raise the country’s debt sealing.

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Hugh O'Connell

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