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Fitch Affirms France’s Long-Term, Short-Term IDRs, Outlook Stable

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The Fitch rating agency has affirmed France’s long-term foreign and local currency issuer default ratings (IDR) at AA with a stable outlook citing the country’s strong financing flexibility and a wealthy and diversified economy.

People walk past an Intesa Sanpaolo bank branch in Milan, Italy. (File) - Sputnik International
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MOSCOW (Sputnik) – The rating agency also affirmed the current issue ratings on France's unsecured foreign and local long-term and short-term currency bonds.

"Persistent, although declining, budget deficits spurred by high government spending have resulted in general government debt (GGGD) that is projected by Fitch to peak at 98% of GDP in 2018, relative to a 'AA' category median level of less than 40%. High indebtedness limits France's ability to deal with fiscal or economic shocks and constitutes the main weakness to France's sovereign rating," Fitch said on Friday.

France’s short-term foreign and local currency IDRs remain at F1+, Fitch said.

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