Fitch Cuts France's Credit Rating to A+

Fitch Ratings downgraded France's sovereign credit rating to A+ from AA- on Friday, citing political turmoil and rising debt. The downgrade comes just days after François Bayrou resigned as prime minister following a loss of a parliamentary confidence vote over an attempted austerity budget. The new rating — the lowest on record from a major credit rating agency for France — carries a stable outlook, according to Fitch. President Emmanuel Macron this week appointed Sébastien Lecornu, a conservative loyalist, to form a new government after lawmakers ousted veteran centrist François Bayrou in a confidence vote over his proposed €44 billion (USD 52 billion) budget squeeze. Standard & Poor’s credit rating for France currently stands at AA- with a negative outlook. Moody’s last rated France at Aa3 with a stable outlook. DBRS Morningstar's rating was last reported at AA (high), also with a negative outlook.