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Moody's downgrades France rating citing slow growth

Moody's cut France's sovereign debt rating by one notch to Aa2 on Friday, saying the country will struggle with slow growth and a high debt burden for the next five yearsMoody’s cut France’s sovereign debt rating one notch to Aa2 on Friday, saying the country will struggle with slow growth and a high debt burden for the next five years. “The current economic recovery in France has already proven to be significantly slower — and Moody’s believes that it will remain so — compared with the recoveries observed over the past few decades,” Moody’s said. “France faces material economic challenges, such as a high rate of structural unemployment, relatively weak corporate profit margins and a loss of global export market share that have their roots in long-standing rigidities in its labor and product markets,” Moody’s said.

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