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January 18, 2022
BUSINESS

Embarrassing error by S&P downgrades French economy

Ratings agency Standard and Poor’s has admitted it mistakenly announced to some clients a downgrade of France’s top triple A credit rating, RFI reports. The agency’s embarrassing error came as the spread between France’s 10-year government bond rates and Germany’s hit new record highs, in a sign of markets’ failing confidence in non-German eurozone debt. “As a result of a technical error, a message was automatically disseminated today to some subscribers of S&P’s Global Credit,” S&P said in a statement. The agency said it was investigating the cause of the error as French Finance Minister Francois Baroin called on the European Securities and Markets Authority and France’s Financial Markets Authority to launch probes into the mishap.

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