France’s credit rating was cut by Fitch Ratings in another blow to politically embattled President Emmanuel Macron as he tries to bolster the country’s public finances with unpopular overhauls.
Fitch reduced France’s credit rating to AA- from AA, with a stable outlook, bringing the euro area’s second-largest economy to the same notch as countries including Ireland and the Czech Republic. France’s projected budget deficits for this year and next year “are well above” the median for countries with AA ratings, Fitch said in a note.
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