Tuesday, November 20, 2012

France says economy sound despite Moody's downgrade

France said its economy was sound and reforms were on track after credit ratings agency Moody's stripped it of the prized triple-A badge due to an uncertain fiscal and economic outlook.

Monday's downgrade, which follows a cut by Standard & Poor's in January, was expected but is a blow to Socialist President Francois Hollande as he tries to fix France's finances and revive the euro zone's second largest economy.

http://www.reuters.com/article/2012/11/20/us-france-moodys-idUSBRE8AI17K20121120