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Moody’s keeps France’s rating at Aa3 with a negative outlook

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AT A GLANCE

On 23 October, the rating agency Moody’s kept France’s sovereign rating at Aa3, without downgrading it, with a negative outlook. A majority of economists had expected a downgrade.

Photo of the former Paris stock exchange (Palais Brongniart)
Arthur Weidmann · CC BY-SA 4.0
In this article

The essentials

According to France 24, Moody’s kept France’s sovereign rating at Aa3 on Friday 23 October, with a “negative” outlook. There was no downgrade. The article notes that a majority of economists expected a rating cut.

The reasons given by Moody’s

According to the article, Moody’s rating rests on the assumption that a 2027 budget reducing the deficit will be adopted. The agency also considers that financing costs and social tensions should ease in the coming months. The date of the next review is not given in the article.

The government’s reaction

Prime Minister Sébastien Lecornu welcomed the decision on X, saying it defies the declinist forecasts. He stressed the role of the political forces that agreed to open the budget debate on a normal timetable, despite the lack of a majority. He aims for a budget by the end of the year, with a public deficit of 5% of GDP.

The figures cited

According to the article, the public deficit was 5.1% of GDP in 2025 and should reach 5.4% in 2026. Growth for 2026 is revised to 0.4% by Insee. Year-on-year inflation was 3.1% in September. Debt should reach 121.7% of GDP in 2027 and interest costs about €91 billion next year. The yield on the ten-year OAT reached 5.07% on Thursday, 1.74 points above Germany’s. Fitch and S&P rate France A+ with a stable outlook.

To keep in mind

The timestamp shown on the article does not match the time of the decision; the article was written after it. The figures are those of the article and have not been verified by the editors. This is neither advice nor an incitement to invest.

LANGUAGE NOTES

Learn the grammar

Explained in English

French grammar

Learn sentence patterns and usage from the article’s own sentences.

01The present indicative
Structure

est / sont + attribute (noun, adjective, prepositional phrase)

In the article
Les chiffres sont ceux de l’article et n’ont pas été vérifiés par la rédaction.
Key points

Être in the present is est for a singular subject and sont for a plural one. It describes nature, state or place (“is”, “is located”). If what follows (the attribute) is a noun, adjective or prepositional phrase, it is not a passive. If a past participle follows, it is a passive (est annoncé). Headlines and summaries often use the present to describe the current situation.

02The passé composé
Structure

present of avoir + past participle

In the article
Le 23 octobre, l’agence de notation Moody’s a maintenu la note souveraine de la France à Aa3, sans la dégrader, avec une perspective négative.
Key points

The passé composé is the most common past tense, used for “did” and “has done” — actions completed in the past. It is formed with the auxiliary avoir (a / ont…) in the present + a past participle. Past participles of -er verbs end in -é (annoncer → annoncé); learn the irregular ones (faire → fait, prendre → pris, voir → vu). In the negative, ne … pas wraps the auxiliary (n’a pas annoncé). In the news it reports facts that have already happened, such as “announced” or “voted”.

03The imparfait
Structure

stem (nous form of the present) + -ais / -ait / -ions / -iez / -aient

In the article
Une majorité d’économistes attendait une dégradation.
Key points

The imparfait describes states, background, habits and actions in progress in the past (il était, elle avait, ils pensaient). Take the nous form of the present, drop -ons, and add -ais / -ais / -ait / -ions / -iez / -aient. If the passé composé gives “the event itself”, the imparfait paints “the situation at the time”.

04The present conditional
Structure

stem (infinitive) + -ais / -ait / -ions / -iez / -aient

In the article
L’agence estime aussi que les coûts de financement et les tensions sociales devraient se modérer dans les prochains mois.
Key points

The conditional expresses possibility, supposition, unconfirmed information and polite requests (“would”, “might”). It uses the same stem as the future and the same endings as the imparfait (-ais, -ait, -ions, -iez, -aient): pouvoir → il pourrait. In the news it is used to avoid asserting, as in “is reported to…” or “there is a possibility…”.

05The passive voice in the present
Structure

être (est / sont) + past participle (+ par / de)

In the article
Selon l’article, la note de Moody’s repose sur l’hypothèse qu’un budget 2027 réduisant le déficit sera adopté.
Key points

The passive means “is done” or “is being done”. It is formed with être + past participle, which agrees with the subject in gender and number (la mesure est adoptée / les mesures sont adoptées). The agent is introduced by par (or de). In the news it is common when the event, rather than the actor, is the focus (est prévu / est annoncé / est connu).

06The passive in the passé composé
Structure

a / ont été + past participle

In the article
L’horodatage affiché de l’article ne correspond pas à l’heure de la décision ; l’article a été écrit après celle-ci.
Key points

The past passive means “was done”. Its form is present of avoir + été (past participle of être) + past participle. Été does not change, but the last participle agrees with the subject in gender and number (la loi a été votée / les textes ont été votés). It is frequent in news reporting results such as votes, decisions and announcements.

07Pronominal verbs
Structure

se / s’ + verb

In the article
Il ne s’agit ni d’un conseil ni d’une incitation à investir.
Key points

A pronominal verb is used with a reflexive pronoun (me, te, se, nous, vous) before the verb. It can mean “do to oneself”, “be done” or “do to each other”. In the news, se traduire (to result in), se tenir (to take place), s’agir de (to be a matter of) and se diffuser (to spread) are frequent. The pronoun changes with the subject (il se tient / ils se tiennent / je me souviens).

08Negation and its scope
Structure

ne / n’ … pas · ne … plus

In the article
La date de la prochaine revue n’est pas indiquée dans l’article.
Key points

Normally ne and pas wrap the verb. Before a vowel, ne becomes n’. Check which part of the sentence the negation covers. Ne … plus means “no longer”.

09Citing a source with selon
Structure

selon + noun / organisation

In the article
Selon France 24, Moody’s a maintenu le vendredi 23 octobre la note souveraine de la France à Aa3, avec une perspective « négative ».
Key points

Selon means “according to”. Put a person or organisation after it as the source. It separates facts the writer checked directly from what another body or report said. Citing a source does not turn a forecast into an accomplished fact.

10The construction il s’agit de
Structure

il s’agit de + noun / infinitive

In the article
Il ne s’agit ni d’un conseil ni d’une incitation à investir.
Key points

It explains what something is about: “it is a matter of…”. The il is not a particular man but a formal subject of this construction. The negative il ne s’agit pas de means “this is not about…”.

11The subject relative pronoun qui
Structure

noun + qui + verb

In the article
Il a souligné le rôle des forces politiques qui ont accepté d’ouvrir le débat budgétaire dans un calendrier normal, malgré l’absence de majorité.
Key points

Qui continues a description of the person or thing just mentioned (“the one that does…”). Because qui is itself the subject of the next verb, do not repeat the subject. The verb agrees with the noun qui refers to.

12Dates and their prepositions
Structure

le + 日付 / du … au …

In the article
Le 23 octobre, l’agence de notation Moody’s a maintenu la note souveraine de la France à Aa3, sans la dégrader, avec une perspective négative.
Key points

Le 15 octobre means “on 15 October”. Distinguish the le before a date from the le that marks a weekly habit like a weekday. Du is de + le and au is à + le, so decide the meaning from the verb and period expressions around them. Their role depends on the group: a range of dates, the date of a bulletin or another complement.

Explained in English

Japanese grammar

Understand the structure and usage from the text.

01Citing a source: によると
Structure

noun + によると

In the article
France 24によると、ムーディーズは、23日(金)、フランスの国の格付けを、Aa3のまま据え置き、見通しは「ネガティブ(悪い方向)」を保ちました。
Key points

As in “LCPによると”, it shows where the information comes from. What that source reported follows. It is used differently from “私にとって”, which gives one’s own opinion.

02Plan, outlook and policy
Structure

〜の予定 / 〜見込み / 〜方針

In the article
記事によると、財政赤字は、2025年がGDPの5.1%で、2026年は5.4%になる見込みです。
Key points

予定 is a plan, 見込み a forecast and 方針 a course of action or intention. None of them asserts that something has already been carried out. Note the difference from expressions such as “決まりました”.

03Polite negation and plain form
Structure

〜ではありません / 〜ではない

In the article
数字は、記事の引用で、当編集部が確認したものではありません。
Key points

They negate a noun and similar content. “ではありません” is the polite form and “ではない” the plain form. “成立ではありません” shows that it cannot be said to have been concluded.

04The polite past ました
Structure

verb stem (連用形) + ました

In the article
格付け会社ムーディーズは、23日、フランスの国の格付けを、引き下げず、Aa3のまま据え置きました。
Key points

In “発表しました”, ました makes a verb polite past. The negative is “ませんでした”. Read the actual date together with the date and time in the text.

05Quoting with と: content and report
Structure

plain-form sentence + と + verbe de parole (報じる, 説明する…)

In the article
記事は、多くのエコノミストが、引き下げを予想していた、と伝えています。
Key points

と takes the content that is reported or explained. In “改定する方針だと報じました”, “改定する方針だ” is what the report said. Separating the content from who said it and how makes long sentences easier to read.

06Treating a clause like a noun with こと
Structure

plain-form sentence + こと + particle

In the article
首相は、年末までに予算を成立させ、財政赤字を国内総生産(GDP)の5%にすることを、目標にしています。
Key points

“〜すること” treats an action or content like a noun. The particle after it (が・を・は…) shows its role in the sentence. “ことができる” is a fixed combination meaning “can”.

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