{"id":5020,"date":"2024-04-27T06:56:10","date_gmt":"2024-04-27T06:56:10","guid":{"rendered":"https:\/\/internationalpulse.net\/?p=5020"},"modified":"2024-04-27T06:56:10","modified_gmt":"2024-04-27T06:56:10","slug":"rating-agencies-doubt-frances-target-to-cut-massive-debt","status":"publish","type":"post","link":"https:\/\/internationalpulse.net\/?p=5020","title":{"rendered":"Rating agencies doubt France’s target to cut massive debt"},"content":{"rendered":"

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Moody’s rating agency left its assessment of France’s huge public debt unchanged at \u2018Aa2\u2019 but with Fitch said France’s debt targets are unlikely to be met – Copyright AFP Kenzo TRIBOUILLARD<\/small><\/em><\/p>\n

Two major ratings agencies left their assessment of France\u2019s huge debt pile unchanged Friday, but cast doubt on the government\u2019s debt reduction target.<\/p>\n

Moody\u2019s maintained France\u2019s sovereign rating at \u201cAa2\u201d with a stable outlook. Fitch, which downgraded its rating for France last year, left it unchanged at \u201cAA-\u201d with a stable outlook.<\/p>\n

France\u2019s public deficit widened to 5.5 percent of GDP in 2023, overshooting the government\u2019s 4.9 percent target. And with the debt stock equal to 110.6 percent of GDP, France has the third highest debt ratio in the European Union after Greece and Italy.<\/p>\n

The government has set a target of bringing debt below 3.0 percent of GDP by 2027. But both agencies cast doubts.<\/p>\n

Moody\u2019s said it was \u201cunlikely\u201d that France will hit its deficit target of 2.9 percent in 2027. \u201cProgress in sustainably reducing the budget deficit and government debt is limited,\u201d it said in a commentary.<\/p>\n

The agency predicted that debt could reach \u201calmost 115 percent of GDP by 2027\u201d.<\/p>\n

\u201cFrance\u2019s interest burden will gradually rise and could double over the next decade if the debt level does not materially decline,\u201d it added.<\/p>\n

Fitch said \u201cit will be difficult to achieve this target as deficit narrowing measures remain largely unspecified, France has only met the 3 percent deficit criterion in four out of the last 20 years.\u201d\u00a0<\/p>\n

French Finance Minister Bruno Le Maire said in a statement that the agencies\u2019 decisions should \u201cencourage us to redouble our determination to restore our public finances and meet the objective\u201d of getting debt below 3.0 percent in 2027.<\/p>\n

\u201cWe will keep to our strategy based on growth and full employment, structural reforms and the reduction of public spending,\u201d he added.<\/p>\n

France lost its triple-A rating in 2012, though double-A still implies only a minimal chance of a default.<\/p>\n

\u201cFrance\u2019s ratings are supported by its wealthy and diversified economy with supportive demographic trends,\u201d Moody\u2019s said.<\/p>\n

\u201cStructural reforms have started to address credit challenges such as high unemployment and weakening competitiveness.\u201d<\/p>\n<\/p><\/div>\n

Rating agencies doubt France’s target to cut massive debt
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#Rating #agencies #doubt #Frances #target #cut #massive #debt<\/p>\n","protected":false},"excerpt":{"rendered":"

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