2023-06-02 18:08:51
After the lowering of its note by Fitch last month, France goes once more to the table of rating agencies, Friday, with S&P Global. A new bad note “would have no effect”, estimates the former former Minister of Budget and Public Accounts.
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While the Standard & Poor’s financial rating agency is due to deliver its verdict on Friday evening June 2 for France, Éric Woerth, Renaissance MP for Oise, former Minister of Budget and Public Accounts, acknowledges on franceinfo that the consequences a bad rating from this agency “are more political than economic”. In case of bad rating, “the opposition would seize it”because it is “the view of an American agency on the state of the situation of our public finances”.
“No problem of solidity of the French economy”
However for Éric Woerth, “France remains a very good risk”because “When we issue debt, every year, French debt is overbought. There are more requests than offers”. He considers that“there is no problem with the soundness of the French economy”.
France’s financial rating has already been downgraded by the Fitch agency, which awarded France an AA- rating. Another bad grade “would have no effects because it’s already built in”he argues.
“Today French interest rates are lower at ten years than they were at the time” of the rating assigned by Fitch, says the former Minister of the Budget and Public Accounts. “We’ll see”he admits cautiously. “I would prefer that the note [de Standard & Poor’s] is obviously preserved”, he hopes. According to him, “there is no surprise for those who buy the debts of the French State on the market”.
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