Moody’s Corp. downgraded the ratings of seven French banks including BNP Paribas SA and Credit Agricole SA as it continues to assess the fallout of the country’s political turmoil.
The move reflects Moody’s “view that France’s public finances will be substantially weakened over the coming years, because political fragmentation is more likely to impede meaningful fiscal consolidation,” the company said in a statement.
Source: Bloomberg
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