French regulator says miracle needed to save AAA

By REUTERS
December 20, 2011 18:43

 
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PARIS - The head of France's AMF securities regulator said on Tuesday it would take a miracle for the country to keep its top-notch credit rating and warned of far-reaching effects for the euro zone's second-largest economy should it lose it.

On Friday, credit ratings agency Fitch lowered the outlook on France's triple-A sovereign rating to negative, joining Standard & Poor's, which put France and 14 other euro zone countries under review at the start of the month.

Moody's, the other major ratings agency, said in October it was reviewing its stable outlook on France's AAA rating.

"Keeping it would need a miracle, but I want to believe it can happen," Jean-Pierre Jouyet told a meeting with financial journalists.

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