Moody's downgrades French credit rating

The credit ratings agency Moody's has downgraded France from its top rating.

The country's debt has been reduced from AAA to AA1 and has kept its negative outlook, meaning it could be downgraded again.

In a statement, Moody's blamed the risk of a Greek exit from the euro, stalled economic growth and the chances that France will have to contribute to bailing out other countries.

Rival agency Standard & Poor's downgraded France in January.

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