Overview

• Fitch lowered France’s sovereign rating to A+ from AA− and kept the outlook stable, citing weakened shock‑absorption capacity.
• The agency projects public debt rising from 113.2% of GDP in 2024 to about 121% in 2027 and views a sub‑3% deficit before 2029 as unlikely.
• Outgoing economy minister Eric Lombard acknowledged the decision, and Prime Minister Sébastien Lecornu has begun cross‑party consultations on a national finance bill.
• The downgrade has become a partisan flashpoint, with figures from François Bayrou to leaders of RN and LFI using it to attack rivals, complicating efforts to secure budget support.
• Banking and industry voices warn of potentially higher borrowing and refinancing costs even if some pressure was priced in, with further assessments due from DBRS on Sept. 19, Scope on Sept. 26, Moody’s on Oct. 24 and S&P on Nov. 28.