A heavy kick in the soft parts of the eurozone: Standard & Poor’s has reduced France’s credit rating from "AA" to "AA-", pointing to the country's failure to manage its budget deficit targets post-pandemic and energy crisis spending. The 2023 deficit hit 5.5% of GDP, a figure notably higher than anticipated. Although economic recovery and reforms are expected to improve the situation, the deficit is projected to remain above 3% of GDP until at least 2027. Currently, Moody's rates France at Aa2 with a stable outlook, while Fitch and DBRS both rate it at AA- and AA (high), respectively, with stable outlooks.