(Bloomberg) -- Moody's Investors Service has taken an upgrade of France's credit rating off the table for now, announcing a revision of the country's outlook to stable from positive.
The credit assessor affirmed the nation's score at Aa2, its third-highest ranking, and cited a more moderate than expected improvement in France's fiscal metrics in its decision to shift the outlook.
“The French government has managed to implement some measures that contribute to more moderate spending growth than in the past, such as the caps on health care and local government operating spending growth,” the firm said. “However, in Moody's view these are insufficient to engineer a sustainable and clear downward trend in the public debt ratio.”
France is rated AA at S&P Global Ratings and Fitch Ratings, scores that are in line with the nation's ranking from Moody's.
To contact the reporter on this story: Benjamin Purvis in New York at bpurvis@bloomberg.net
To contact the editors responsible for this story: Paul Dobson at pdobson2@bloomberg.net, Alexandra Harris
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