United States, New York : Fitch Ratings, one of the leading credit rating agencies situated in New York, USA.
NEW YORK - France retained its "AA" credit rating despite its high and rising debt level, Fitch ratings agency said on Friday.
Fitch noted that persistent budget deficits mean the debt-to-GDP ratio "will continue to increase in the coming years and peak at 97 percent in 2019," compared to the median level of 42 percent for AA-rated economies.
"The high debt burden limits France&39;s ability to respond to future shocks," the agency cautioned in a statement.
However, "France&39;s prudent debt management strategy helps mitigate the risks from its high public debt."
In addition, Fitch said French President Emmanuel Macron&39;s ambitious structural reform program has coincided with solid growth.
The outlook for France&39;s debt rating is stable, which means Fitch does not see any developments on the horizon that are likely to lead to a change.