S&P Global downgraded France’s credit rating by one notch on Friday in a surprise move, warning that political instability threatens the government’s efforts to repair its finances. Credit rating agencies rarely issue unscheduled downgrades, but S&P said the cut—from ‘AA-’ to ‘A+’ with a negative outlook—was justified after a tense political week. “We expect policy uncertainty will affect the French economy by dragging on investment activity and private consumption, and therefore on economic growth,” the agency said in a statement. In response to the downgrade, Finance Minister Roland Lescure said it was now “the collective responsibility of the government and parliament” to pass a budget by year-end, ensuring the fiscal deficit is on track to meet the EU ceiling of 3% of GDP by 2029, according to Reuters. Meanwhile, Moody’s last rated France at Aa3 with a stable outlook, while DBRS maintained its rating at AA, also with a stable outlook.

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