S&P Lowers France's Ratings To 'A+/A-1' FROM 'AA-/A-1+'; Outlook Stable

S&P:

• S&P: FRANCE RATINGS LOWERED TO 'A+/A-1' FROM 'AA-/A-1+' ON HEIGHTENED RISKS TO BUDGETARY CONSOLIDATION; OUTLOOK STABLE

• S&P: EXPECT FRANCE'S GROSS GENERAL GOVERNMENT DEBT TO REACH 121% OF GDP IN 2028

• S&P: DESPITE SUBMISSION OF THE 2026 DRAFT BUDGET TO THE PARLIAMENT, UNCERTAINTY ON FRANCE’S GOVERNMENT FINANCES REMAINS ELEVATED

• S&P: EXPECT POLICY UNCERTAINTY TO AFFECT FRENCH ECONOMY BY DRAGGING ON INVESTMENT ACTIVITY, PRIVATE CONSUMPTION AND ON ECONOMIC GROWTH

• S&P: IN ABSENCE OF SIGNIFICANT ADDITIONAL BUDGET DEFICIT-REDUCING MEASURES, FRANCE'S BUDGETARY CONSOLIDATION COULD BE SLOWER THAN PREVIOUSLY EXPECTED

• S&P: EXPECT DEFICITS FOR FRANCE TO REMAIN ELEVATED OVER THE NEXT THREE YEARS