Rating agency S&P Global Ratings maintained France's sovereign credit rating at A+ with a stable outlook on Friday evening, one month after an unexpected downgrade. The decision comes amid tense parliamentary budget debates. Economy Minister Roland Lescure acknowledged the maintenance.
More than a month after downgrading France's rating by one notch on October 17, S&P Global Ratings made no new formal decision on the country's solvency on Friday, November 28. The rating thus remains at A+, with a stable outlook, as a warning to the government led by Sébastien Lecornu amid political instability and high uncertainty over public finances.
This October downgrade was S&P's second in a year and a half. The agency had highlighted political instability shortly after the presentation of the 2026 budget plan, which aims to cut the public deficit from 5.4% of GDP in 2025 to 4.7% in 2026, targeting below 3% by 2029 in a context of resilient growth. France now ranks at the same level as Spain and Portugal, whose ratings were upgraded at the end of summer and which borrow at lower costs.
Economy Minister Roland Lescure stated he takes « acte of S&P's decision to maintain the French rating at A+ and the stable outlook ». In October, he had already acknowledged the downgrade, reiterating the government's commitment. Éric Dor, director of economic studies at IESEG School of Management, noted that little new information since October warrants a change, and it is logical for S&P to wait for budgetary clarification.
Other agencies have acted recently: Fitch downgraded the rating in September due to deteriorated finances, while Moody's maintained it in October but lowered the outlook to negative. The Senate began examining the 2026 budget on Thursday without assurance of compromise, and the social security budget returns to the Assembly after a failed joint committee. On Tuesday, the European Commission deemed France compliant with its deficit reduction commitments, but with « considerable uncertainty » surrounding the budget plan.