Rating agency Fitch downgraded France's rating by one notch to 'AA-' on Friday, citing recent social tensions that will weigh on the ability to reduce the deficit and debt, as well as lower growth prospects. than anticipated.
Read alsoWithout pension reform, France's rating risked being downgraded
“Political stalemate and
(sometimes violent) social
unrest pose a risk to Macron's reform agenda and could create pressure for more expansionary fiscal policy or a reversal of previous reforms
,” writes the rating agency in a press release.