The ratings agency kept the country's A+ rating but warned that political deadlock, a deficit near 5.4% of GDP and rising debt — heading for 124% of GDP by 2028 — are making a downgrade increasingly likely.
The agency held France at Aa3 but kept its negative outlook, warning that political fragmentation remains a threat. Its decision rests on France passing a deficit-reducing 2027 budget — and bond markets are watching closely, with 10-year yields above 5% for the first time since 2002.
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