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S&P cuts France's sovereign credit rating

Francois Hollande Close Up

Ratings agency Standard and Poor's cut France's sovereign credit rating to AA from AA+ on Friday, citing lack of progress in government reforms of the country's economy.

S&P Data-Fudging Began in 2004, U.S. Suit Says: Timeline

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A Standard & Poor’s analyst in 2004 sent an e-mail to executives at the rating company’s structured- finance group. It had lost a job to Moody’s rating a mortgage- backed security because S&P criteria were more demanding, and something had to be done, the analyst allegedly wrote.

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