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Moody's See Larger Deficit Pointing to Higher Debt Levels Than Expected

FRANCE
  • Moody's write that France's larger-than-expected 2023 deficit makes it unlikely that the government will succeed in reducing the deficit to 2.7% of GDP by 2027, and that the latest French numbers point to somewhat higher debt levels for longer than they had previously expected.
  • Recall we wrote yesterday, the French ’23 deficit/GDP ratio printed at 5.5%. wider than the government’s 4.9% target and in line with pre-release reports/political commentary pointing to 5.4-5.6%.
  • France’s sovereign credit rating is scheduled to be reviewed by Fitch and Moody’s (April 26th), S&P (May 31st) and Scope Ratings across the next two months.
  • S&P’s update is likely to get the most interest as they currently have France at AA, with a negative outlook. Fitch has France one notch below at AA-; Outlook Stable.
  • Our full piece on French deficit stats, ratings reviews and OAT markets here: https://marketnews.com/23-deficit-matches-leak-ind...

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