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Moody’s ratings agency

Publié le November 20, 2012
Communiqué issued by the Ministry of the Economy and

Paris, November 19, 2012

Pierre Moscovici, Minister of the Economy and Finance, has learned of the decision by Moody’s ratings agency to adjust France’s long-term rating to Aa1 with a negative outlook, and maintain her short-term rating at the highest level.

This decision follows the change of France’s rating outlook to negative on 13 February 2012, and those of other major European countries on 23 July 2012. As Moody’s emphasizes, this reflects the shortcomings of previous governments in restoring public accounts and our economy’s competitiveness to a sound footing.

Pierre Moscovici recalls the reforms undertaken resolutely by the government, which are aimed, precisely, at our economy’s recovery: bringing the public accounts under control; the national pact for growth, competitiveness and employment; and the negotiation under way on the labour market. The French economy is broad and diversified, and the government is showing a strong commitment to conducting structural reforms and putting the public finances back on a sound footing.

French debt is thus among the most liquid and safest in the Euro Area.

Pierre Moscovici also recalls the progress made since the European Council of 18 and 19 June 2012 to stabilize the situation in the Euro Area and protect growth there./.