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Stock impact report

France Faces Credit Ratings Test as Debt Pile Continues to Mount [BNN Bloomberg (Canada)]

SOCIETE GENL FRNCE S/ADR (SCGLY) 
NASDAQ:AMEX Investor Relations: societegenerale.com/en/investors
Company Research Source: BNN Bloomberg
A blow could arrive as soon as Friday, when Moody's Ratings and Fitch Ratings review the nation's credit score. The market sees a high chance the agencies will lower the outlook to negative. An actual downgrade could come next month, with S&P Global Ratings set to resolve a warning it has had in place for 18 months. Concerns have been mounting over France's finances ever since the government last week forecasted a bigger fiscal gap in the coming years. While the nation has announced emergency spending cuts, it has already acknowledged it won't be able to meet targets as quickly as pledged — the economy remains weak and tax receipts are falling short. “I definitely see chances of a negative outlook this Friday, if not a downgrade” from Moody's, said Adam Kurpiel, head of rates strategy at Societe Generale SA. For markets, a move this week would be a warning shot, but not completely unexpected. French debt, long considered one of the safest in the euro area — arguably second only Show less Read more
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