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Fitch warns France on AAA credit rating

Dec. 15, 2012 at 11:20 AM

BRUSSELS, Dec. 15 (UPI) -- Credit firm Fitch Ratings said it would not downgrade France's AAA rating, but said next year might be a different story.

Two of the big three credit rating firms, Moody's and Standard and Poor's, have already lowered the country's rating, which could affect its borrowing costs, Radio France Internationale reported Saturday.

French President Francois Hollande said policies would not change. "We hear what's being said but we do not decide our policies according to one agency or another, we decide it according to the interests of France," he said following a two-day summit in Brussels.

Fitch, however, warned that, "the negative outlook is expected to be resolved during 2013 and indicates a slightly greater than 50 percent chance of a downgrade," The Wall Street Journal reported.

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