The rating agency Fitch a little more worried about France

There was a time when, on Friday evenings, we watched the decision of the rating agencies like milk on fire. Because the slightest announcement could have an impact on the conditions under which the country could borrow money on the financial markets. This period is over ... In general indifference, Fitch lowered this Friday evening from "stable" to "negative" the prospect of France. She fears, not without reason, that public finances and the economy will deteriorate this year. “The deterioration in the parameters of public finances will occur against the background of an already high debt level, limited progress in fiscal consolidation since the financial crisis [of 2008]and moderate economic growth , "she said.

Read also: Fitch expects a record of defaults on sovereign debt

Less effective

On the other hand, if the agency has not touched for the moment the hexagonal “AA” rating, it is because it believes that “French banks are well positioned to face the pressure of the crisis of coronavirus on active ingredients ” .

In mid-February, the financial rating agency Moody's also lowered the outlook for France, - from "positive" to "stable" -, due to the less effective than expected tax measures.

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The last French amending budget for 2020, approved at the end of April, forecasts a contraction of gross domestic product (GDP) by 8%, a public deficit of 9.1% and a public debt of 115% of GDP. Levels "never reached since the Second World War" , recognized the tenants of Bercy, Bruno Le Maire and Gérald Darmanin. The latter stressing that France continued, however, "to borrow in satisfactory conditions with low rates" .