Fitch: French rating at risk if crisis worsens (by Polya Lesova)
LONDON (MarketWatch) -- Fitch Ratings said on Wednesday that France's triple-A credit rating would be at risk if a further intensification of the euro-zone crisis resulted in a much sharper economic downturn in France and a material increase in the risk of contingent liabilities. The ratings company also said that additional consolidation measures are likely to be necessary for France to achieve its 3% of gross domestic product deficit target by 2013, with Fitch projecting the deficit in 2013 to be around 4% of GDP. On the positive side, Fitch said that France's triple-A status is "underpinned by a high-value added and diverse economy, broad and stable tax base and its commitment to deficit reduction and stabilising, and eventually reducing, public debt."