This downgrade does not raise a question-mark over the fundamental economics of our country, nor the reforms undertaken by the government, nor our good reputation for borrowing.

– Pierre Moscovici, French finance minister

France’s 10-year government sovereign spread to the German bund closed the day 1 bps tighter for the week at 73 bps.   This is down from 151 bps where it traded in the first week of January.

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