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France's credit outlook cut to negative by S&P

Credit rating agency Standard and Poor's confirmed France's AA/A-1+ rating but said economic recovery 'could prove elusive'.

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Credit rating agency Standard and Poor's has cut France's credit outlook to 'negative', due to concerns about the country's struggling economic recovery, reports the BBC.

However, it affirmed France's AA/A-1+ rating, the third-highest rating.

"We believe that...a recovery of the French economy could prove elusive," said S&P in a statement.

France's finance minister, Michel Sapin, said the country's debt was "one of the surest in the world".

"We will pursue the needed reforms, to boost our medium term growth prospects," he said in a statement.

"French debt is one of the surest and most liquid in the world, with debt levels very much contained," he continued.

Official figures from the Bank of France showed that the French economy did not grow at all in the second quarter, and for the third quarter it is forecasting growth of 0.2%.

Read more of this report from the BBC.