Moody's keeps France's Aa3 rating, defying downgrade expectations

boursorama.com (French) — October 23, 2026 at 11:01 PM UTC

Moody's decided Friday to maintain France's sovereign credit rating at "Aa3" with a negative outlook, defying analyst expectations of a downgrade to "A1." The rating is based on the assumption that a deficit-reducing budget will be adopted for 2027 and that financing costs and social tensions will ease. Prime Minister Sébastien Lecornu and Finance Minister Roland Lescure welcomed the decision as recognition of the government's budget credibility. France's public debt is projected to reach 119.3% of GDP this year and 121.7% in 2027. A future downgrade could reduce investor appetite for French bonds, while borrowing costs already exceed those of lower-rated Italy amid political uncertainty ahead of the presidential election scheduled for April 18 and May 2.

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