S&P Downgrades France's Credit Rating, Impacting Macron's Government

Standard & Poor's downgraded France's sovereign debt rating from "AA" to "AA-" due to higher than expected deficits, which could have minor market impacts but significant political repercussions. The downgrade pressures President Macron's government to detail budget savings and may influence the upcoming EU parliamentary elections, where Macron's party is trailing the far right. Opposition parties are using the downgrade to criticize the government's financial management.