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Macron Faces Fresh Test as Outlook for French Finances Dims Macron Faces Fresh Test as Outlook for French Finances Dims
(about 13 hours later)
To the list of challenges facing President Emmanuel Macron after raucous nationwide demonstrations over his pension measures, add a new one: a cascade of warnings over France’s finances.To the list of challenges facing President Emmanuel Macron after raucous nationwide demonstrations over his pension measures, add a new one: a cascade of warnings over France’s finances.
On Friday, S&P Global cautioned that it still had a negative outlook on France’s creditworthiness. It was a step short of a downgrade, which some had expected, but comes after two other ratings agencies have lowered their view of the country in the past month.On Friday, S&P Global cautioned that it still had a negative outlook on France’s creditworthiness. It was a step short of a downgrade, which some had expected, but comes after two other ratings agencies have lowered their view of the country in the past month.
S&P Global maintained its investment-grade credit rating for France, a decision that Mr. Macron’s government had eagerly awaited. But in restating a negative outlook first published in January, the ratings agency cited concern about France’s ability to rein in its public finances amid already elevated general government debt.S&P Global maintained its investment-grade credit rating for France, a decision that Mr. Macron’s government had eagerly awaited. But in restating a negative outlook first published in January, the ratings agency cited concern about France’s ability to rein in its public finances amid already elevated general government debt.
And it added to concern among analysts about Mr. Macron’s ability, in a tense social and political climate, to move forward with his efforts to lift the country’s competitiveness and growth.And it added to concern among analysts about Mr. Macron’s ability, in a tense social and political climate, to move forward with his efforts to lift the country’s competitiveness and growth.
France’s finance minister, Bruno Le Maire, said in an interview late Friday published in the Journal du Dimanche that he viewed the announcement as a “positive signal,” adding: “Our public finance strategy is clear. It is ambitious. And it is believable.”
At the end of April, Fitch Ratings cut France’s sovereign credit rating by one notch, to AA–, after a downgrade in December. Scope Ratings, a European agency, put a negative outlook on its assessment of France last month.