S&P Downgrades Credit Rating of France (Reuters)
Standard & Poor‚??s downgraded France‚??s credit rating from AA+ to AA, a move not matched by other credit-rating issuers. France has pursued economic reforms, but chiefly in the form of tax hikes, not entitlement relief. “If France does not change tack, it condemns itself to further long-term decline,” said Holger Schmieding, an economist at Berenberg Bank.