France doesn't need top rating

France can handle a downgrading of its high credit rating, French President Nicolas Sarkozy said in an interview published on Monday in the daily Le Monde. His words fed speculation that the downgrading might just be a matter of time. The liberal business paper Les Echos urges calm: "We stare at our triple A with our eyes glued to the rating thermometer. Already the markets see it as a lost cause. But if the topic didn't carry so much weight in the run-up to the presidential elections there'd be no reason to make such a fuss, and for a number of reasons: several other European triple As have also seen a steep rise in their risk premiums (Finland, Austria, the Netherlands ...). Even Germany recently encountered difficulties selling its government bonds. The US, downgraded to AA+ not so long ago, continues with business as usual thanks to the Federal Reserve and its status as a financial superpower, despite its current political weakness. But if Europe can't overcome its own weaknesses, the rating thermometer won't forgive it."

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