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London (Standard & Poor’s) November 8, 2013

Standard & Poor’s Ratings Services lowered its unsolicited long-term foreign and local currency sovereign credit ratings on the Republic of France to ‘AA’ from ‘AA+’. At the same time, we affirmed our ‘A-1+’ short-term ratings. The outlook is stable.

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Frankfurt am Main, November 19, 2012

Moody’s Investors Service has today downgraded France’s government bond rating by one notch to Aa1 from Aaa. The outlook remains negative.

Today’s rating action follows Moody’s decision on 23 July 2012 to change to negative the outlooks on the Aaa ratings of Germany, Luxembourg and the Netherlands. At the time, Moody’s also announced that it would assess France’s Aaa sovereign rating and its outlook, which had been changed to negative on 13 February 2012, to determine the impact of the elevated risk of a Greek exit from the euro area, the growing likelihood of collective support for other euro area sovereigns and stalled economic growth. Today’s rating action concludes this assessment.

Moody’s decision to downgrade France’s rating and maintain the negative outlook reflects the following key interrelated factors:

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