Standard and Poor’s cuts France’s Credit Rating

Ratings agency Standard and Poor’s cuts France sovereign credit rating to AA from AA .

The agency revised the country’s sovereign credit outlook up to stable from negative, however.

In a statement, S&P said that it had lowered France’s rating because it believed the French government’s reforms to taxation, as well as to product, services, and labor markets, “will not substantially raise France’s medium-term growth prospects, and that ongoing high unemployment is weakening support for further significant fiscal and structural policy measures.”

CNBC

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