“In what will be a severe blow to Socialist president François Hollande, the agency said it was reducing the country’s rating from AAA to AA1, claiming France’s ability for economic growth was being hampered by ‘structural challenges’ including its lack of competitiveness, high unemployment, public debt and market rigidity. It said it was not confident Hollande’s government could – or would – introduce the necessary structural reforms and spending cuts to improved its rating in the medium term and expressed concern over France’s exposure to risks from other ailing eurozone countries.”
http://www.rawstory.com/rs/2012/11/20/moodys-downgrades-frances-credit-rating/
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