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.