A day after it downgraded Spain’s credit rating, ratings agency Egan-Jones downgraded France’s credit rating from A to BBB on Thursday. According to CNN, the agency cited the combination of France’s economic slowdown and rising debt as the reasons for the downgrade. It also pointed out that France, among European nations, is fond of subsidizing banks.
In summing up its findings, Egan-Jones offered a one-line assessment of France’s current economic situation: “Disastrous trend and the worst has yet to come.”
