[Osem]

The French government has downplayed the importance of rating agency Moody's decision to deprive the country of its top triple-A credit rating.

Moody's downgraded France's debt from Aaa to Aa1, and kept its negative outlook, meaning it could be cut again.

Moody's blamed stalled economic growth, the risk of a Greek euro exit and the risk that France has to contribute to bailing out other eurozone countries.

http://www.bbc.co.uk/news/business-20407787

Don't suppose this has anything to do with it though:

For years it (France) has been losing competitiveness to Germany and the trend has accelerated as the Germans have cut costs and pushed through big reforms. Without the option of currency devaluation, France has resorted to public spending and debt. Even as other EU countries have curbed the reach of the state, it has grown in France to consume almost 57% of GDP, the highest share in the euro zone. Because of the failure to balance a single budget since 1981, public debt has risen from 22% of GDP then to over 90% now.

http://www.economist.com/news/leader...ime-bomb-heart