France launches inquiry after accidental downgrade

France reacted with anger after the rating agency Standard & Poor's accidently suggested on the 10 November 2011 that it had downgraded the credit rating status of France, temporarily putting the country in a situation it had been desperately fighting to avoid.

French Finance Minister Francois Baroin demanded an inquiry by both the European financial markets authority and national markets regulator AMF.

On the 21 November 2011 credit rating agency Moody's warned that France's creditworthiness remained under pressure after recent market nerves saw its borrowing costs rise to record levels.

• Primary Source

BBC News, 10.11.11: S&P accidentally announces downgrade of French debt http://www.bbc.co.uk/news/business-15686580

France24, 10.11.11: S&P admits error in announcing French downgrade http://www.france24.com/en/20111110-standard-poors-admits-error-announcing-french-ratings-downgrade-aaa

ESO: Background information: Rating agencies fall under EU supervision http://www.europeansources.info/record/rating-agencies-fall-under-eu-supervision/

European Commission: Memo/11/777: Statement by Commissioner Michel Barnier following the incorrect rating of France by Standard & Poor's http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/11/777&format=HTML&aged=0&language=EN&guiLanguage=en

Deutsche Welle, 22.11.11: Moody's warns France over its rating outlook http://www.dw-world.de/dw/article/0,,15547723,00.html

EUObserver, 22.11.11: Ratings agency raises alarm on core EU economy http://euobserver.com/19/114354

ESO: Background information: France’s triple A rating under spotlight http://www.europeansources.info/record/frances-triple-a-rating-under-spotlight/

Spiegel Online International, 11.11.11: France Angry at Credit Rating Gaffe http://www.spiegel.de/international/europe/0,1518,797182,00.html

The Local.fr, 11.11.11: EU slams S&P for France credit 'downgrade' http://www.thelocal.fr/1739/20111111/

Spiegel Online International, 15.11.11: Why France Should Be Worried About Its Rating http://www.spiegel.de/international/europe/0,1518,797667,00.html

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