两大评级机构接连下调主权评级后，法国国债普遍下跌

Core Viewpoint - Standard & Poor's downgraded France's sovereign credit rating from AA- to A+, highlighting the country's fiscal challenges [1] Group 1: Credit Rating Impact - The downgrade has led to a collective rise in French bond yields, with the 10-year government bond yield currently at 3.388%, which is nearly 80 basis points higher than Germany's 10-year bond yield [1] - This increase in yield reflects a negative sentiment among investors towards French bonds, which was previously under 50 basis points before the 2024 early voting [1] - In just one month, two of the three major global rating agencies have downgraded France's sovereign credit rating, potentially forcing strict investment funds to sell French bonds [2] Group 2: Market Reactions and Economic Outlook - Despite the downgrade, analysts suggest that large-scale selling of French bonds is unlikely, as they still hold an investment grade and S&P's outlook remains stable [4] - The market is currently focused on whether Prime Minister Le Cornu can navigate budget negotiations, especially after he opted not to use policy tools to bypass parliamentary voting [4] - The potential for new political issues arises from the Prime Minister's commitment to pause President Macron's pension reform, which could affect market sentiment [3]