S&P downgrades France's credit rating

​​​​​​​ISTANBUL

Standard & Poor's (S&P) downgraded France's credit rating to “A+/A-1” and set the rating outlook as “stable” on Friday.

The international credit rating agency emphasized that despite the 2026 budget draft being submitted to parliament this week, uncertainty surrounding France's public finances remains high.

It noted that the overall public budget deficit target for this year is projected to be 5.4% of France's GDP, but that budget consolidation is expected to be slower than previously anticipated.

S&P indicated that the general government gross debt is expected to reach 121% of GDP in 2028, and noted that the ratio was 112% of GDP at the end of last year.

The agency stated that France's long- and short-term credit ratings were downgraded from “AA-/A-1+” to “A+/A-1."

S&P was also expected to release Türkiye's rating but it did not update.

On Nov.1, 2024, S&P raised Türkiye's long-term sovereign credit rating to BB- from B+ with a stable outlook.