Standard & Poor’s maintains the French note – Le Figaro

The outlook, however, remains “negative” due to uncertainties on the “path of the debt” entailed growth or fiscal performance worse than expected.

There were no surprises. The US rating agency Standard & amp; Poor’s (S & amp; P) maintained Friday AA rating – the third ranking on twenty-three – the long-term debt of France, but is still considering the decline over the next 24 months

<. p> The institution certainly expects that France “to achieve its fiscal targets in 2015″, ie a public deficit to 3.8% of GDP, but considers however that “there are risks to its 2017 and 2018 targets. ” The government targets a deficit of 2.7% of GDP in 2017.

The outlook remains “negative” because it reflects the uncertainties on the “debt trajectory” entailed growth or performance Budgetary worse than expected. Moreover, “measures to strengthen competitiveness could be reduced” at the approach of the 2017 presidential election and because of the opposition of the PS slingers, warns S & amp; P. In short, in this context, the executive “may be reluctant to carry out bold reforms”.

After the attacks of 13 November in Paris, the agency had ruled out the possibility that such attacks “could affect the rating of the debt of countries in Western Europe.”

For now, S & amp; P expects GDP growth of about 1% in 2015 and an average of 1.6% per year over the period 2016-2018, with an acceleration of the recovery Economic and investment. The agency believes that the responsibility pact (tax reductions and expense for companies) and Macron legislation going in the right direction. But regrets the continued high level of the tax burden and the “weaknesses” weighing on the labor market, as reflected in the high rate of unemployment.

According to the agency, to achieve its budgetary objectives, France will significantly reduce expenses, despite social pressure. Targets will become even more difficult to achieve if inflation, which speaks strongly on revenue is lower than expected in Europe

S & amp;. Had P downgraded last note of France November 2013, passing it from AA + to AA and had revised its outlook from “stable” to “negative” in October 2014.

Meanwhile, Fitch also maintained the sovereign rating Friday from France to AA, with a stable outlook.