France Loses AAA Credit Rating

France has lost its AAA credit rating as Standard & Poor’s cut its rating a notch to AA+.

Eleanor Beardsley of NPR reports that “Standard & Poor’s downgraded the sovereign debt of France, Italy, Spain and six other European countries on Friday. The move was highly expected, but it’s still a blow to France and sending shock waves across Europe. France is the eurozone’s second-largest economy, and its downgrade could even threaten Europe’s master plan to stop its debt crisis.”

The credit rating downgrade is expected to play a role in the French 2012 Presidential Election, but President Nicolas Sarkozy is trying to spin the news to strengthen his campaign’s position.

NPR provides coverage online.

This entry was posted in European Union, French History, Political Culture. Bookmark the permalink.

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