France

French Credit Downgraded Over Debt, Sluggish Economy

Maybe they'll nationalize the ratings agencies

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France lost its top credit rating at Fitch Ratings, which highlighted concern about lack of growth and the buildup of debt in Europe's second-largest economy.

France was cut by one step to AA+ from AAA, Fitch said today, joining Moody's Investors Service and Standard & Poor's in removing France from the shrinking club of top-rated governments. The outlook is stable.

Budget risks "lie mainly to the downside, owing to the uncertain growth outlook and the ongoing euro zone crisis, even assuming no wavering in commitment to fiscal consolidation," Fitch said in a statement.