Rating Report

DBRS Morningstar Downgrades Republic of France to AA (high), Trend Changed to Stable

Sovereigns

Summary

DBRS Ratings GmbH (DBRS Morningstar) downgraded the Republic of France’s Long-Term Foreign and Local Currency – Issuer Ratings to AA (high) and changed the trend to Stable from Negative. At the same time, DBRS Morningstar confirmed the Republic of France’s Short-Term Foreign and Local Currency – Issuer Ratings at R-1 (high) and maintained the trend at Stable.