“There will be no impact on the daily lives of the French”: Bruno Le Maire reacts to the downgrading of France's rating by S&P

Mauvaise nouvelle pour Bercy : la France sanctionnée par l’agence de notation. MAXPPP – Bruno Levesque

The cause is a "budget deficit significantly higher than what we had expected”, explains the rating agency.

This is a setback for the government. While Fitch and Moody’s had maintained France's sovereign rating in April, the S & P Global Ratings decided on Friday to lower its rating from AA to AA-.

"France's budget deficit in 2023 was significantly higher than we had expected", explains& ;nbsp;the American company in an analysis accompanying the note, cited by BFMTV.

The rating agency expects that the deficit cannot return below 3% of GDP by 2027.< /p>

Bruno The mayor wants to be reassuring

 After losing its triple A, the maximum rating, during the financial crisis, during the five-year term of Nicolas Sarkozy, France must also give up  to his "AA" (the equivalent of 18 out of 20).

But "there will be no impact on the daily lives of the French", assures the Minister of the Economy, Bruno le Maire, in Le Parisien.