France's government has shrugged off the latest downgrade of its credit rating, saying Tuesday that it just needs time for reforms to the sluggish economy to take root.
In a setback for President Francois Hollande's Socialist government, Moody's Investors Service stripped Europe's No. 2 economy of it of its prized AAA credit rating late Monday on concerns that its rigid labor market and exposure to Europe's financial crisis were threatening its prospects for economic growth.
This is the second ratings downgrade to have hit France this year: Standard & Poor's agency lowered its score in January. The third leading agency, Fitch, still ranks France at AAA-rating but has had it on review for a downgrade since late last year.
http://www.breitbart.com/Big-Peace/2012/11/20/Downgraded-France-says-it-needs-more-time