Moody’s

Rating agency Moody’s has confirmed France’s sovereign debt rating at Aa3 with negative outlook, reaffirming its October 2025 stance amid political and fiscal challenges. Unlike Standard & Poor’s and Fitch, which downgraded to A+ last autumn, the decision credits a parliamentary budgetary agreement between moderate left and center-right, plus a projected 2026 deficit of 5% of GDP. Moody’s emphasizes French institutions’ strength.