French Prime Minister Gabriel Attal recalled on Saturday that “the important thing is France’s credibility” and its attractiveness, particularly to investors, the day after the publication of press releases from the financial rating agencies Moody’s and Fitch.
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On Friday, these two agencies left their credit ratings regarding France and its ability to repay its debt unchanged, at a high level.
“Investors have confidence in our country”, which is “the most attractive for foreign investments for the fourth consecutive year”, declared Mr. Attal on Saturday, referring to the barometer carried out each year at European level by the cabinet EY.
“Everywhere in our country, you have investment projects, particularly industrial ones, which are being deployed,” added the head of government traveling in the Manche department (west).
“Our country, like the whole world, is going through difficulties which are notably linked to the war in Ukraine, but France is doing better than the others from an economic point of view,” the Prime Minister also praised, before to detail the good health of the job market.
This economic solidity “is not the fruit of a form of magic”, but of the “action of this government”, according to him.
In its press release, Fitch cited as France’s strengths a “vast and diversified” economy, “strong and effective” institutions and “recognized stability”. But on the other hand, its rating is weakened by public finances, in particular the high level of the country’s debt.
Neither Fitch nor Moody’s believe that France’s public deficit will return below 3% of GDP in 2027, which is a European requirement.
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