DECRYPTION – In 2025, the country will have to raise 300 billion euros on the markets to finance its deficit. A historic level.
Here we go again for a ride. Friday evening, the day after the budget presentation, the Fitch agency will deliver its new report card to France. It will be followed by Moody’s on October 25, then Standard & Poor’s (S&P) on November 29. The ratings assigned to Paris differ between the three American institutions. Last May, S&P lowered the rating from AA to AA- sanctioning the « deterioration of the budgetary position » of the country. Fitch had anticipated it, in April 2023. On the other hand, Moody’s maintained France’s sovereign rating in the spring, at level Aa2, the equivalent of 18 out of 20, with a stable outlook, judging the risk of default to be very low despite the recent deterioration of the country’s public finances.
The latest episodes of deterioration having not aroused the slightest emotion on the financial markets, the deadline no longer worries many people within the executive. For this new salvo, the looks…
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