By Stephen NakrosisFitch Ratings said Friday it downgraded France's Long-Term Foreign-Currency Issuer Default Rating to 'AA-' from 'AA', with a stable outlook. These will "offset a lower net cost of the inflation relief package and the continued phasing out of (post-)pandemic support measures," Fitch said. Next year, Fitch expects France's deficit will fall to 4.7% next year "as energy support measures are phased out." Fitch also said it was expecting real GDP growth of 0.8% this year and 1.3% next year for France. France's general government debt was 111.6% of GDP at the end of2022, "the highest of 'AA' rated sovereigns and more than double the 'AA' median of 48.4%," according to Fitch.

Source: Wall Street Journal April 29, 2023 10:10 UTC