The action, which will put pressure on the nation’s borrowing costs, reflects doubt that a new government can mend the deteriorating financial situation.

Political fragmentation” in Paris means there is a “very low probability” of reducing the ballooning fiscal deficit, ratings agency says.

Moody’s downgraded France’s credit rating on Saturday, saying that it expects the country’s incoming government to struggle to tackle its deficit. In an unscheduled announcement early on Saturday morning,

The yield on 10-year French debt rose to more than 3%, on the first trading day after the credit rating agency unexpectedly cut France's debt rating. View on euronews