- Fitch Ratings downgrades France's credit rating to AA- from AA with a stable outlook.
- Projected budget deficits for this year and next are well above the median for countries with AA ratings.
- It is only the second time France has been downgraded since Macron took office in 2017.
- Fitch's rating cut tarnishes Macron's credibility as an economic reformer.
- France's public finance watchdog has cautioned that the government's plans rely on optimistic growth estimates.
France Rating Cut to AA- From AA by Fitch on Deficits, Debt
Fitch Ratings downgrades France's credit rating to AA- from AA, citing projected budget deficits and weak growth outlook, dealing a blow to Macron's economic reform agenda.