/RATINGS: Scheduled French Sovereign Rating Reviews Are Some Time Away

We are receiving some questions on the timing of the next round of tabled French sovereign credit rating updates. The dates of those scheduled updates can be found below.

• DBRS: 20 Sep
• Fitch: 11 Oct
• Scope: 18 Oct
• Moody’s: 25 Oct
• S&P: 29 Nov
• Click for the MNI Sovereign Rating Review Calendar – 2024.
• This is the indicative sovereign rating review schedule for 2024. Do note that the schedule is indicative only and ratings can be reviewed on an ad-hoc basis. The schedule may also be adjusted by the rating agencies during the year.
• Updates are issued after 21:00 London.
• A reminder that France avoided the worst-case rating scenario, dodging negative action from both Fitch & Moody's after the initial rounds of fiscal worry in March & April.
• S&P then delivered a one notch downgrade for France in late May, but changed the outlook to Stable. This was expected by at least some market participants and put S&P's rating of France at an equivalent level to Fitch's rating.
• Most of the major sovereign rating agencies have provided warnings on the French political and fiscal situation in recent days.
• RN policy plan visibility remains low, but previous election cycles saw looser fiscal spending plans when compared to Macron's party.
• French Finance Minister Le Maire has warned of a Truss-like event (referencing the UK mini budget of '22) if the RN wins the upcoming snap elections