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CONSUMER CYCLICALS: France (Aa2/AA-/AA- Neg) Fitch moves to neg. on Sovereign

CONSUMER CYCLICALS
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Fitch moved to neg. outlook late on Friday and looks the closest to single A ratings now. It's referencing medium term deficit spending driving debt load to GDP to weak levels for current ratings. See below from economist on France vs. peers.

French stakes in consumer & transport issuers;
  • La Poste(Nr/A/A+); 100% state owned and receives +3 notch uplift at both.
  • Aeroports de Paris (NR/A-); 50.6% state owned but the 1-notch uplift was removed in June on French rating being too weak.
  • Air-France (NR/BB+/BBB-); 28% ownership but no uplift at either - both see covid support as an exceptional circumstance.

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Fitch moved to neg. outlook late on Friday and looks the closest to single A ratings now. It's referencing medium term deficit spending driving debt load to GDP to weak levels for current ratings. See below from economist on France vs. peers.

French stakes in consumer & transport issuers;
  • La Poste(Nr/A/A+); 100% state owned and receives +3 notch uplift at both.
  • Aeroports de Paris (NR/A-); 50.6% state owned but the 1-notch uplift was removed in June on French rating being too weak.
  • Air-France (NR/BB+/BBB-); 28% ownership but no uplift at either - both see covid support as an exceptional circumstance.