France’s Socialist government hit back yesterday at Moody’s over the latest downgrade of the country’s sovereign debt rating, rejecting doubts about its own policies voiced by the US rating agency.
The removal of France’s top-ranking triple A rating by Moody’s, which followed a similar move by Standard & Poor’s in January, was mostly down to “the situation we inherited” when the government took office in May, said Pierre Moscovici, the finance minister.
But he added: “It seems to me that some of the criticism was too strong or was ill-timed. I would have preferred it if [Moody’s] had given more credit to the courageous reforms we have announced.”
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