Moody’s downgrades France to Aa2

Moody's Investors Service said it downgraded France's government bond ratings by one notch to Aa2 from Aa1.

The outlook is stable.

Moody’s said the key interrelated drivers of this action are: (a) The continuing weakness in France's medium-term growth outlook, which Moody's expects will extend through the remainder of this decade; and (b) the challenges that low growth, coupled with institutional and political constraints, poses for the material reduction in the government's high debt burden over the remainder of this decade.

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