Fitch downgrades France's rating, citing frequent changes in government that limit its ability to consolidate finances.

Fitch downgraded France's credit rating, as the government's repeated collapses have plunged the country into a prolonged struggle with ballooning debt burdens. The rating agency lowered France's credit rating from AA- to A+, one level below the UK and on par with Belgium. Among the major sovereign rating agencies, Fitch currently has the lowest rating for France, six levels above junk status. Fitch stated, "Since the mid-2024 legislative elections, France has had three changes of government. This instability has weakened the political system's ability to implement large-scale fiscal consolidation and has made it almost impossible to achieve the previous government's target of reducing the fiscal deficit to 3% of GDP by 2029." Fitch also warned, "The period leading up to the presidential elections in 2027 will further limit the short-term fiscal consolidation space, and political deadlock is very likely to continue after the elections."