Moody’s strips France of AAA credit rating
Moody’s Investors Service stripped Europe’s No. 2 economy France of it of its AAA credit rating. Moody’s moved France from AAA to AA1 rating.
The reasons given by Moody’s for this actions:
- France’s persistent structural economic challenges
- Sustained loss of competitiveness in France due to rigidities in labour and services markets, and low levels of innovation