Fitch Ratings has downgraded France’s debt, heaping pressure on President Emmanuel Macron only days after the opposition toppled the government over its deficit reduction plans.
The rating agency late on Friday changed France’s long-term issuer rating from AA- with a negative outlook to A+ with a stable outlook, saying political instability had raised doubts about the country’s ability to reduce its deficit.
Prime minister François Bayrou’s minority government collapsed after a no-confidence vote this week over his plans for a €44bn fiscal package to narrow the deficit. He was the second premier in a year to fall over the government’s attempts to repair France’s public finances.
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