On September 15, Jin10 reported that after Fitch downgraded France's credit rating, Jefferies Group maintained a negative outlook on French bonds. The agency is concerned that the new government will not be able to implement sufficient fiscal consolidation, and other rating agencies may follow suit with downgrades. Global economist Mohit Kumar stated in the report: “We do not see how the newly established Le Maire government can credibly implement fiscal reforms.” Currently, Moody's and S&P Global Ratings rate France at Aa3 and AA- respectively, and may follow Fitch in taking downgrade actions. Kumar pointed out: “If France's ratings from two or more rating agencies fall below AA-, it may trigger forced selling by institutional accounts.”
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