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The financial rating agency Fitch confirmed on Friday the “negative” outlook of the note of France after the government used a controversial constitutional mechanism to pass its 2023 budget without a vote in parliament.
Fitch justified its decision in a statement by mentioning “the evolution of energy prices as well as the weak macroeconomic outlook for Europa that reinforce the risks of the budget trajectory”.
The agency, on the other hand, maintains its rating for French sovereign debt at AA, which places the country among the issuers of high-quality debt, although the negative outlook indicates a possible downgrade of said note in the future, which would make it reach an A grade, and therefore it may be affected by changes in the economic situation.
Fitch estimates that the public deficit should reach 5.2% this year and anticipates a slight improvement to 4.9% by 2023, quite close to the government forecast of 5%.
The agency noted its concern about “political fragmentation” and the difficulties it implies in executing budget policy, as made evident in discussions about the 2023 budget.
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