S&P cuts France to AA- to AA

S&P cuts France credit rating to AA - from AA. They leave the Outlook stable. The downgrade is on deterioration of budgetary position.

• Says that the downgrade reflects projection that France's general government debt as a share of GDP will increase
• he leaves French economy and public finances overall will continue to benefit from structural reforms implemented over the past decade
• Says that they expect the French economy will pick up from the second half of 2024