PM Francois Fillon : `` This warning should not be dramatized '' Ratings agency Standard & Poor 's took away France 's top-tier AAA credit rating Friday . Speaking in Paris , Fillon sought to reassure the international markets . Eight other euro area countries -- including Italy -- were also downgraded by the agency . The downgrade was a major blow to France's economy and its reputation as an economic powerhouse in Europe, which has been battered by high unemployment and weak growth for years.
PM Francois Fillon : `` This warning should not be dramatized '' Ratings agency Standard & Poor 's took away France 's top-tier AAA credit rating Friday . Eight other euro area countries -- including Italy -- were also downgraded by the agency . The downgrade was a major blow to France's economy and its reputation as an economic powerhouse in Europe, which has been battered by high unemployment and weak growth for years.