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Ratings agency

Published on July 15, 2013
Communiqué issued by the Ministry of the Economy and Finance

Paris, July 12, 2013

The high rating and stable outlook testify to France’s well-known strengths: her large and diversified economy, her growing population, her high productivity levels, the quality of her infrastructure and public services, her robust institutions – especially in the financial sector – and her benchmark issuer status within the Euro Area. The rating also reflects the value of the reforms begun by the government, particularly the National Pact for Growth, Competitiveness and Employment, the job security act, initiatives to modernize public services and the reform of our pension system. Lastly, according to Fitch, the stable outlook is based on reduced banking sector risk and the easing of the Euro Area crisis.

French debt is one of the safest and most liquid in the Euro Area, benefiting from historically low interest rates, which is proof of investors’ reaffirmed confidence. This confidence strengthens the government’s conviction that it is on the right strategic path.

Pierre Moscovici reaffirms the government’s determination to press ahead with reducing government deficits, restoring competitiveness and getting the French economy back on track to support growth and employment./.

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