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Ratings Services said today that the election yesterday of Francois Hollande as France's new president has no immediate impact on its unsolicited sovereign credit ratings or outlook on the Republic of France (AA+/Negative/A-1+). We still believe there is at least a one in three chance that we may lower the long-term rating on France this year or in 2013. Standard Poor's takes no political position regarding individual candidates or the outcome of any elections. Nevertheless, the policies of a country's government have a direct bearing on its creditworthiness. Our sovereign ratings therefore incorporate our view of the likely consequences to a sovereign's credit profile of policies adopted by its elected public officials. We will analyze the policy choices of France's president...
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