Several French banks downgraded

Last updated 05:00 26/07/2013

Relevant offers

World

Why being a Yakuza gang member isn't illegal in Japan Climate change's cost is paid for in maple syrup Dick Smith blames 'jumbo loads' of immigrants for high Aussie house prices Australian booking site blacklists 38,000 'no-show' diners 'This is war': Amber Harrison promised to 'destroy' Seven boss Tim Worner Thousands of IT professionals, including Silicon Valley figures, show interest in Wellington Ski resort razed by the Taliban lifts Pakistan's domestic tourism Mired in poverty, few Greeks hope for better days Gibraltar seizes superyacht owned by Russian billionaire Andrey Melnichenko over $23m debt claim Kraft Heinz withdraws offer to merge with Unilever

Fitch Ratings has lowered credit ratings for several leading French banks, days after downgrading the country's credit status as it struggles with huge debt.

The ratings agency cut the main credit score for banks Credit Agricole, Societe Generale, Groupe BPCE and Dexia from A+ to A. It also lowered ratings for local and regional French governments.

The decision was linked to its downgrade of France's default ratings from the top-tier AAA to AA+ last week. That means the government's "ability to support French banks has decreased slightly," Fitch said in a statement.

France's Socialist government unveiled a modest stimulus plan last week and new measures Wednesday meant to simplify a bureaucracy-heavy, highly taxed economy.

Europe's No. 2 economy is back in recession and facing weak growth prospects.

Ad Feedback

- AP

Special offers

Featured Promotions

Sponsored Content