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France’s credit rating was affirmed by S&P Global Ratings in a reprieve for President Emmanuel Macron as he seeks to cement his reputation for economic reform and fiscal proficiency.
S&P held its rating at AA/A-1+, saying it expects debt as a share of economic output will decline very gradually from 2025. The ratings firm maintained its negative outlook, first introduced a year ago, highlighting it could downgrade if it judges budget deficits won’t fall enough to cut the debt ratio, or if interest payments on the burden rise beyond 5% of government revenues.
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