S&P maintains France's sovereign debt rating at A+

Rating agency S&P chose Friday evening to keep France's rating at A+ with a stable outlook. The decision follows a one-notch downgrade in October last year.

The American agency thus aligns with Fitch, which also kept the rating at A+ with a stable outlook a few weeks ago. Moody’s retains its Aa3 rating, unchanged since April.

The Economy Ministry stated that Roland Lescure took note of the decision. Bercy recalled that the government remained committed to reducing the public deficit and debt to ensure the financial solidity of the economy.

In 2025 the deficit was limited to 5.1% of GDP, against 5.4% expected. The European Commission now projects a level around 5.1% for 2026. The agencies are due to issue their next verdicts in the autumn.

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Illustration of Argentina's flag and financial charts representing S&P rating upgrade
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S&P raised Argentina rating to B- and country risk fell to 437 points

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S&P Global Ratings upgraded Argentina's sovereign credit rating from CCC+ to B- on Friday. Country risk closed at 437 basis points, the lowest level since May 2018.

Fitch Ratings upgraded South Africa’s long-term foreign and local currency ratings from BB- to BB on 5 June with a stable outlook, the agency’s first upgrade for the country in more than 20 years.

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Moody's raised Argentina's credit rating from Caa1 to B3 and changed the outlook from stable to positive. The upgrade stems from the fiscal surplus, falling inflation and incoming investments.

Economists on the scientific advisory board to the Stability Council forecast an excessive deficit of 4.25 percent for 2026. They urge the federal government to make more savings to avoid breaching EU debt rules.

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Four economists commissioned by the government in May recommend questioning automatic indexations and considering a 'blank year' from 2027 to stabilize public debt.

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