Moody's downgrades France to Aa1

Moody's Investors Service said it downgraded France's government bond rating by one notch to Aa1 from Aaa.

The outlook remains negative.

Moody's said the action follows its July 23 decision to change to negative the outlooks on the Aaa ratings of Germany, Luxembourg and the Netherlands.

At the time, Moody's also announced that it would assess France's Aaa sovereign rating and its outlook, which had been changed to negative on Feb. 13, 2012, to determine the impact of the elevated risk of a Greek exit from the euro area, the growing likelihood of collective support for other euro area sovereigns and stalled economic growth.

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