China's Dadong cuts France's credit ratings

BEIJING;

A Chinese rating agency said Monday ,it
has downgraded France.s sovereign credit
ratings,citing concerns about the country's
debt repayment.

China's Dagong Global Credit  Rating Co.
said in a statement it cut both the local and
foreign currency sovereign ratings to A from
the previous A+.

"The debt repayment environment of France
remains stable but still faces many challenges.
Dagong said,citing increasing pressure from
long term economic sluggishness on government
efforts to pursue structural reforms.

"Weak economic growth has delayed the fiscal
consolidation process,'the agency said.

"The fiscal deficit and the debit burden ratio
have climbed up further,which have weakened
the government's debt repayment capabilty.
AFP.