Moody's downgrades France rating
Agencies: Paris, Nov 20 2012, 10:03 IST
predecessors."
Moody's said its decision was based on three factors, the first of which was "the risk to economic growth, and therefore to the government's finances, posed by the country's persistent structural economic challenges.
"These include the rigidities in labour and services markets, and low levels of innovation, which continue to drive France's gradual but sustained loss of competitiveness and the gradual erosion of its export-oriented industrial base."
The International Monetary Fund and the COE-Rexecode Institute, which is close to French employers' associations, have also warned that France could lose market share to countries from southern Europe that have approved robust economic reforms.
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