Fitch reaffirms France's AAA rating as Hollande wins presidency

France's AAA credit rating is safe, according to ratings agency Fitch, which has reassured market the election of Socialist President Francois Hollande has no implications for the country's credit rating.

The agency said the election marks an important change in the leadership of France and Europe, but warned the new president will have to overcome the same obstacles as former President Nicholas Sarkozy. "The new President faces the same challenges as his predecessor: strengthening fiscal credibility; boosting France's medium-term growth potential; and dealing with the eurozone crisis," said Fitch in a statement. Fitch reaffirmed France's AAA sovereign rating on 16 December 2011, but revised the rating outlook to negative. According to the ratings agency, in the absence of material ...