Two major ratings agencies left their assessment of France's huge debt pile unchanged Friday, but cast doubt on the government's debt reduction target. But both agencies cast doubts.
Moody's rating agency left its assessment of France's huge public debt unchanged at ‘Aa2’ but with Fitch said France's debt targets are unlikely to be met. Photo: EMMANUEL DUNAND / AFP/FileTwo major ratings agencies left their assessment of France's huge debt pile unchanged Friday, but cast doubt on the government's debt reduction target.
France's public deficit widened to 5.5 percent of GDP in 2023, overshooting the government’s 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.Moody's said it was"unlikely" that France will hit its deficit target of 2.9 percent in 2027."Progress in sustainably reducing the budget deficit and government debt is limited," it said in a commentary.
Fitch said"it 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."
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