The rating agency Fitch has downgraded France's rating due to weak financial metrics. Particularly because of the high level of government debt, Fitch downgraded France from AA rating to AA- by one notch on Friday. Nevertheless, the rating agency assessed the outlook for the country as stable.

A political stalemate and sometimes violent social movements posed a risk to President Emmanuel Macon's reform plans, the rating agency said. It warned that "lower growth prospects and weakened competitiveness" could lead to a further downgrade.

Despite massive opposition, Macron has pushed through his pension reform, which includes raising the retirement age from 62 to 64. The President points out that the changes are necessary for the pension system to remain viable.

Finance Minister Bruno Le Maire said Fitch's "pessimistic" assessment underestimated the consequences of the reforms. He reaffirmed the government's "complete determination" to reduce the government deficit and debt.