Credit Rating Report

Morningstar DBRS Changes Trends on Republic of France to Negative, Confirms Credit Ratings at AA (high)

Sovereigns

Summary

DBRS Ratings GmbH (Morningstar DBRS) changed the trends on the Republic of France's Long-Term Foreign and Local Currency - Issuer Ratings to Negative from Stable and confirmed the credit ratings at AA (high). At the same time, Morningstar DBRS confirmed France's Short-Term Foreign and Local Currency - Issuer Ratings at R-1 (high). The trend on all Short-Term credit ratings remains Stable.

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