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Moody's strips France of triple-A rating, down to Aa1

Published on Nov 20, 2012 6:34 AM
 
French President Francois Hollande delivers a speech in Paris, Nov 19, 2012. Moody's Investors Service downgraded France's sovereign rating by one notch to Aa1 from triple-A, the agency said on Monday, citing the country's uncertain fiscal outlook as a result of "deteriorating economic prospects". -- PHOTO: REUTERS

(REUTERS) - Moody's Investors Service downgraded France's sovereign rating by one notch to Aa1 from triple-A, the agency said on Monday, citing the country's uncertain fiscal outlook as a result of "deteriorating economic prospects".

Moody's said it is maintaining a negative outlook on the country due to structural challenges and a "sustained loss of competitiveness" in the country.

Standard & Poor's has a AA+ rating on France, which it downgraded by one notch in January from AAA.