Fitch’s demotion throws the shadow on the budgetary battles of the new French Prime Minister
The demotion of the Credit of France by Fitch has thrown a veil on the newly installed Prime Minister Sebastien Lecornu while he begins talks to write a budget, while unions behave on spending discounts and employers protest against the threat of tax increases. Citing political instability and the increase in debt, Fitch reduced its note on Friday evening to A + of AA- on Friday evening, giving France its lowest credit rating ever recorded only a few days after President Emmanuel Macron explained Lecornu to be his fifth Prime Minister in two years.
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