S&P Maintains France's Sovereign Debt Rating at A+ with Stable Outlook

On May 29, 2026, the American credit rating agency Standard & Poor's (S&P) announced it would maintain France's sovereign debt rating at A+, reflecting a "medium to high quality" status, while keeping a stable outlook for the country’s fiscal future. This decision follows a downgrade to A+ last October and was widely anticipated by economists, who noted France's cautious financial management amid rising challenges.

The French public deficit is projected at 5.1% of GDP for 2025, higher than most other A+ rated European nations, and economic growth forecasts have been slightly downgraded. Nevertheless, experts including Eric Dor from IESEG and Anthony Morlet-Lavidalie from Rexecode expressed confidence that no further downgrade is likely given France's budgetary discipline and government measures.

Minister of Economy Roland Lescure acknowledged the rating confirmation, emphasizing the government's commitment to reducing the public deficit by 2026 and ensuring long-term financial stability and competitiveness. The government is undertaking savings amounting to six billion euros to mitigate the financial impact of the Middle East conflict.

While Moody's rating remains slightly higher at Aa3 and unchanged since April, Fitch had similarly downgraded France's rating alongside S&P last year. Despite a slight contraction in GDP by 0.1% in the first quarter, forecasts by the European Commission and IMF place annual growth near 0.8-0.9%, supporting the stable outlook position.

The S&P decision signifies a cautious but steady confidence in France’s economic management amid geopolitical and fiscal pressures.