Francois Bayrou, France's incoming prime minister, during the handover ceremony at the Hotel Matignon in Paris, France, on Friday, Dec. 13, 2024.
Within hours of being appointed, France's new prime minister Francois Bayrou faced his first upset: the country's credit rating was downgraded by credit rating agency Moody's.
The agency announced on Saturday that it was cutting France's rating to "Aa3" from "Aa2" with a stable outlook, citing concerns over "political fragmentation."
Despite that, French President Emmanuel Macron installed conservative Michel Barnier as prime minister, prompting consternation among opposition parties on both sides of the political spectrum.
Under pressure to appoint a successor quickly, Macron named his centrist ally Bayrou prime minister on Friday.
Persons:
Francois Bayrou, Moody's, Emmanuel Macron, Michel Barnier, Macron, Bayrou
Organizations:
Traders, France's CAC, Democratic Movement
Locations:
Paris, France, —