PARIS, March 7 (Xinhua) -- Fitch Ratings maintained France's Long-Term Foreign-Currency Issuer Default Rating (IDR) at "A+" with a stable outlook, the agency said on Friday.
Fitch said France's ratings are underpinned by its large, diversified high-income economy, with per capita income and governance indicators above the median for "A" category peers.
However, the agency noted that France's ratings are weighed down by high and rising public debt, a socio-political context that complicates medium-term fiscal consolidation and relatively low potential economic growth.
At an estimated 116.4 percent of gross domestic product (GDP) in 2025, France's debt-to-GDP ratio is more than twice the median level of 56.4 percent for "A" category peers and the second-highest in the category after Japan, according to Fitch.
Fitch projects France's fiscal deficit will reach 4.9 percent of GDP in 2026, broadly in line with the government's target of 5.0 percent. The forecast represents a modest improvement from an estimated 5.4 percent in 2025 but remains wider than the projected median deficit of 3.3 percent for "A" rated peers.
The agency also said the political complexity surrounding negotiations over the 2026 budget reinforces its view that there is limited scope for significant front-loaded fiscal consolidation ahead of the 2027 presidential election, adding that negotiations over the 2027 budget are also likely to remain challenging.
In September 2025, Fitch Ratings downgraded France's long-term sovereign rating from AA- to A+, citing high and rising public debt, large 2025 deficits, a weak fiscal record, and political fragmentation that hampers fiscal consolidation. ■
