# Fitch Moves France Outlook to Negative, Affirms A+ Rating as Debt Rises By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/45518 Published: 2026-10-31T13:45:52.000Z Updated: 2026-10-31T13:45:52.000Z Section: Investing > Fitch projects government debt will reach about 124% of GDP in 2028 and estimates France needs fiscal adjustments totaling 3.5% of GDP to stabilize it. Fitch Ratings moved France’s sovereign outlook to negative from stable Friday, Oct. 30, while affirming its A+ rating, as the agency raised its debt projection and the fiscal adjustment it says is needed to stabilize it. The unscheduled review was timestamped 5:10 p.m. ET (21:10 UTC). Fitch cited weaker growth, higher borrowing costs and a wider deficit since its August review. Fitch projects France’s general government debt will reach about 124% of gross domestic product (GDP) in 2028. That compares with 115.7% in 2025 and the agency’s previous 2028 forecast of 122.7%. The agency estimates that cumulative fiscal adjustments of about 3.5% of GDP are needed to stabilize the debt, up from its August estimate of 3%. France’s first estimate showed GDP fell 0.1% quarter over quarter in Q3 2026, following no growth in Q2. Finance Minister Roland Lescure said the government took note of Fitch’s decision and called for a year-end budget aimed at reducing the deficit to 5%. He said the government remained committed to fiscal consolidation. TokenPost previously covered [pressure on French 10-year bond yields](). ## Links in this article - [pressure on French 10-year bond yields](https://www.tokenpost.com/news/investing/39983)