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S&P Downgrades Credit Rating of France

S&P Downgrades Credit Rating of France (Reuters)

Standard & Poor’s downgraded France’s credit rating from AA+ to AA, a move not matched by other credit-rating issuers. France has pursued economic reforms, but chiefly in the form of tax hikes, not entitlement relief. “If France does not change tack, it condemns itself to further long-term decline,” said Holger Schmieding, an economist at Berenberg Bank.

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