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Dagong puts France's rating on negative watch

12-08-2011 13:59 BJT

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Chinese rating agency, Dagong Global, has lowered France's sovereign credit rating from "AA minus" to "A plus", citing concerns over the country's sluggish domestic demand, high debt burden and fragile financial system.

The move comes on the eve of athe EU Summit. Dagong says France’s fiscal status is worsening as its debt burden will continue to swell, and the government has limited measures to reduce its deficit.

Government debt accounted for more than 80 percent of France’s GDP last year. Dagong expects government debt will continue to rise due to massive rigid expenditures including interest on debt.

The rating agency says French government deficit will continue to account for 3 to 5 percent of GDP over the next five years.


Editor:Zhang Rui |Source: CNTV.CN

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