Nota AAA da Franca é rebaixada. Crise agora atingindo o núcleo forte da Europa: efeito-dominó.
The rating agency said France’s long-term economic growth had been hit by its inflexible labour market and low levels of innovation eroding its competitiveness and industrial base. Moody's also flagged up the country’s exposure to the continuing eurozone crisis. It warned the “predictability” of France’s resilence of further shocks in the eurozone was diminishing while the country’s exposure to the highly indebted countries such as Spain and Greece was disproportionately high. In a statement Moody’s said: “Further shocks to sovereign and bank credit markets would further undermine financial and economic stability in France as well as in other euro area countries.
“The impact of such shocks would be expected to be felt disproportionately by more highly indebted governments such as France.” The decision to downgrade France by one notch to "Aa1" comes nine months after Moody’s put the country on negative outlook. In July Moody’s put Germany, Luxembourg and Netherlands’ AAA ratings on negative outlook. Fitch, itself a French company, is now the only major credit rating agency to maintain a AAA rating on French Government debt. Although ratings downgrades have had little or no effect on the borrowing costs of countries such as USA, the French downgrade to Aa1 will not be welcomed by the French government.
