La révision de la perspective est motivée par la révision de la perspective associée à la notation AA- de la République française.

The Outlook revision is driven by the Outlook revision to Negative on the French Republic’s AA- ratings.

CADES’ ratings are aligned with the French sovereign ratings, driving the Outlook change.

Les notations de la CADES sont alignées sur celles de l'État français, ce qui explique le changement de perspective.

The periodic review has resulted in no rating action.

Robust growth prospects, strong reform momentum and strengthening external position drive the Outlook change. Low economic diversification, moderate income levels and adverse demographics are challenges.

Rising general government debt and political instability drive the outlook change. Leading role in Europe, economic resilience, robust banking sector, favourable debt profile and excellent market access anchor the ratings.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

Moderate debt and a favourable track record of sound macro-economic policies support the rating. Challenges relate to a concentrated economic structure exposed to external shocks and rising budgetary pressure, including from an ageing population.