Rating agency Fitch Ratings has decided to maintain France's sovereign debt rating at A+ with a stable outlook, despite ongoing budgetary challenges. This decision comes amid global instability from the war in Iran. Economy Minister Roland Lescure welcomed the announcement as recognition of the government's efforts.
On March 6, 2026, Fitch Ratings confirmed its A+ rating for France's sovereign debt, with a stable outlook, describing it as 'upper medium grade.' This expected decision occurs as the war in Iran and the Strait of Hormuz blockade threaten global economic stability. The agency notes that France has higher per capita income and governance indicators than the A+ median, but warns of high and rising public debt, a socio-political context complicating medium-term budget consolidation, and weak growth potential.
Economy Minister Roland Lescure responded in a statement: 'It aligns with the efforts undertaken by the government under the 2026 budget to control public finances, support our economy's growth, and strengthen France's attractiveness. The government remains fully committed to continuing the reduction of the deficit and debt in a responsible and balanced framework to ensure long-term financial stability and French competitiveness.'
Fitch did not factor in the Iran war's impact, deeming it too recent and uncertain. Bank of France Governor François Villeroy de Galhau stated on France Inter that the conflict could 'bring a bit more inflation and a bit less growth,' depending on its duration. The agency was the first to downgrade France's rating in September 2025, from AA to A, amid record debt exceeding 117% of GDP in Q3 2025.
Despite a 2026 budget passed through compromise between the center-right majority and the Socialist Party, the deficit fell from 5.8% to 5.4% of GDP in 2025, targeting 5% by end-2026. However, economist Anthony Morlet-Lavidalie from Rexecode believes 'we have not reached the end of our rating downgrade, but Fitch is not in a hurry.' Interest payments rose from 30 billion euros in 2020 to 65 billion in 2025 and could rise further. Decisions by Moody’s (April 10, Aa3 rating) and S&P (May 29, A+ stable) will be closely watched.
