Moody’s keeps France’s Aa3 rating, defying downgrade forecasts

lemonde.fr (French) [$] — October 24, 2026 at 04:01 AM UTC

Moody’s maintained France’s sovereign debt rating at Aa3 on Friday, October 23, defying economist expectations of a downgrade and easing pressure on the Lecornu government. The decision contrasts with stricter assessments from rivals S&P and Fitch. The rating carries a negative outlook, keeping France at the fourth-highest evaluation rather than the predicted A1. Prime Minister Sébastien Lecornu and Finance Minister Roland Lescure welcomed the news as recognition of economic strength and budget credibility. France remains below Germany and the Netherlands, which hold Moody’s top Aaa rating, but above Spain and Portugal, which are rated A3.

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