KBRA affirms the French Republic’s long- and short-term issuer ratings. The Outlook on the long-term ratings is Stable.
Ratings Outlook
The Stable Outlook reflects France’s structurally weak fiscal position, with persistently high deficits and a debt burden proving difficult to reverse, alongside a more fragmented political landscape that constrains meaningful consolidation and reform. External risks from geopolitical tensions and global trade disruptions also weigh on the outlook. These pressures are balanced by France’s resilient economy and strong access to liquidity through deep, well-functioning capital markets, which continue to provide substantial financing flexibility.
Key Credit Considerations
The ratings were affirmed because of the following key credit considerations:
France’s large, wealthy, advanced, and diversified economy, longstanding macroeconomic stability, and robust institutional framework support…
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