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.

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

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