Sustained deterioration of public finances and challenging political outlook drive the downgrade. Leading role in Europe, economic resilience, favourable debt profile, excellent market access, and robust banking sector anchor the ratings.

Weakening public finances and implementation risks to the reform agenda drive the Outlook change. A large, diversified, and resilient economy; core euro area member status; a favourable debt profile; and excellent capital market access are strengths.

A large, diversified, and resilient economy, core euro area member status, favourable debt profile and excellent capital market access are strengths. A deteriorating fiscal position, weaker reform momentum and labour market bottlenecks are challenges.

France’s large and diversified economy, structural reforms, high investment and a favourable debt structure support the ratings. Elevated public debt, persistent fiscal deficits and labour market challenges are constraints.

Euro area membership, large and diversified economy, a track record of macro-financial stability and favorable debt structure support the rating. High public debt and deficit ratios, as well as labour market rigidities pose challenges.