The axe fell on Friday evening, after the markets closed: Fitch Ratings downgraded France’s sovereign rating from AA- to A+. One notch, one might say, but a change in category that sounds like an admission: Paris has moved from the club of “high quality” issuers to the soft underbelly of “upper middle quality”. In other...
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France downgraded to A+: the downgrade of an upper middle power
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