Fitch downgrade casts shadow over new French prime minister’s budget battles

Fitch’s downgrade of France’s credit rating has cast a pall over newly installed Prime Minister Sebastien Lecornu as he begins talks to draft a budget, while unions plan strikes over spending cuts and employers protest against the threat of tax hikes. Citing political instability and rising debt, Fitch cut its rating late Friday to A+ from AA-, giving France its lowest credit score on record just days after President Emmanuel Macron tapped Lecornu to be his fifth prime minister in two years.