France’s credit score has been downgraded from AA- to A+, the country’s lowest on record, with Fitch Ratings citing political instability and uncertainty over how the government will rein in mounting debt and budget deficit.
The EU’s second-largest economy has one of the bloc’s highest debt levels after Greece and Italy, at about 113% of GDP. Its deficit is projected at 5.4-5.8% this year, well above the EU’s 3% limit. The downgrade followed last week’s ouster of Prime Minister Francois Bayrou after a failed confidence vote on his €44 billion austerity plan, which sought to cut the deficit and debt by slashing public-sector jobs, curbing…
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