France Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Aa3 Stable | A+ Negative | AA- Negative | AA (high) Negative | AA- Negative |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Oct 17, 2025 | S&P | AA- | Stable | A+ | Negative | |
| Sep 26, 2025 | Scope Ratings | AA- | Stable | AA- | Negative | |
| Mar 21, 2025 | DBRS | AA (high) | Stable | AA (high) | Negative | |
| Dec 14, 2024 | Moody's | Aa2 | Stable | Aa3 | Stable | |
| Nov 30, 2024 | S&P | AA- | Stable | AA- | Stable | |
| Oct 18, 2024 | Scope Ratings | AA | Negative | AA- | Stable | |
| Oct 12, 2024 | Fitch | AA | Negative | AA- | Negative | |
| May 31, 2024 | S&P | AA | Stable | AA- | Stable | |
| May 26, 2023 | Scope Ratings | AA | Stable | AA | Negative | |
| Oct 16, 2020 | DBRS | AAA | Negative | AA (high) | Stable | |
| May 15, 2020 | Fitch | AA | Stable | AA | Negative | |
| Apr 17, 2020 | DBRS | AAA | Stable | AAA | Negative | |
| Feb 21, 2020 | Moody's | Aa2 | Positive | Aa2 | Stable | |
| May 04, 2018 | Moody's | Aa2 | Stable | Aa2 | Positive | |
| Jun 30, 2017 | Scope Ratings | NR | AA | Stable | ||
| Oct 21, 2016 | S&P | AA | Negative | AA | Stable | |
| Apr 29, 2016 | DBRS | AAA | Negative | AAA | Stable | |
| Sep 18, 2015 | Moody's | Aa1 | Negative | Aa2 | Stable | |
| Dec 12, 2014 | Fitch | AA+ | Negative Watch | AA | Stable | |
| Nov 07, 2014 | DBRS | AAA | Stable | AAA | Negative |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CCC | CC |
C | CCC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is France’s current credit rating?
France’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view France’s credit risk.
Has France’s credit rating changed recently?
This page lists the latest rating and outlook actions for France, showing when each agency last reviewed or changed its assessment.
Why does France’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence France's bond yields, currency, and equity flows as investors reassess risk.
How does France’s rating compare to other countries?
You can explore how France ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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