Sovereign Credit Today | France
Downgrade of France’s ratings to Aa3 with a stable outlook as fiscal pressures intensify
Topics include:
- What is the rationale behind the downgrade?
- How likely is it that France will have a budget for 2025? What are the fiscal implications?
- Looking ahead, what could change the rating?
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SpeakersSarah Carlson, CFA Senior Vice President, Sovereign Risk Moody's Ratings
Olivier Chemla Vice President - Senior Credit Officer, Credit Strategy and Standards Moody's Ratings
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Event Manager
If you have any questions about the event, please contact Nina Zhukovskaya at nina.zhukovskaya@moodys.com.
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Sarah has been the lead analyst for most countries in the European Union, and is also a former lead analyst for the United States. She is currently the lead analyst for France and Italy, among other European countries. She is also one of the Sovereign Risk Group’s global spokespeople.
She joined Moody’s in 2009 after completing a Sloan Fellowship at the London Business School. Prior to this academic sabbatical, she spent seven years at the Financial Services Authority in London where she headed the regulator’s Risk Analysis area and acted as its chief macroeconomist. Before joining the FSA, she worked in Dun & Bradstreet’s Economic Analysis Group for six years, where she was the organisation’s Deputy Chief Economist.
She holds an MA in European Studies (with a concentration in Economics and Finance) from the Elliott School of International Affairs at the George Washington University in Washington, DC and an AB with a double major in Government and History from Dartmouth College in Hanover, New Hampshire in the United States. She is a CFA Charterholder and is co-chair of the Macroeconomic Committee of the CFA Society France. She is a dual citizen of the United Kingdom and the United States and is based in Paris.
Olivier Chemla is a Vice President – Senior Credit Officer in Moody’s Credit Strategy and Standards Group. Based in Frankfurt, he works with the EMEA Chief Credit Officer on ensuring rating consistency across different asset classes. He was a lead analyst for a portfolio of European sovereigns and multilateral institutions between 2018 and 2025. Prior to joining Moody’s in 2018, Olivier served as Chief economist in the French business association for large companies (Afep) for six years. Olivier started his career in the French public administration, holding various positions in the ministries for Labour, Health and Economics. He was appointed Special Adviser to the Minister for the Budget, Public accounts and the State reform in the summer of 2011.