French credit rat­ing cut

Weekend Argus (Saturday Edition) - - BUSINESS -

PARIS: Stan­dard & Poor’s cut France’s sov­er­eign credit rat­ing by one notch to AA from AA+, giv­ing a thumbs-down to Pres­i­dent Fran­cois Hol­lande’s ef­forts to put the French econ­omy back on track.

All three ma­jor rat­ing agen­cies had al­ready stripped France of its top-grade triple-A sta­tus. But S&P was the first to down­grade it for a sec­ond time, warn­ing that the eco­nomic re­forms of the past year were not suf­fi­cient to lift growth.

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