The Ratings Agency Moody's, joins Standard & Poors in downgrading France from the prized AAA rating to AA1, one level down.

The French Goverment believes that current reforms will in due course repair the damage to their credit rating that can impact on borrowing costs. 

The UK is still triple A rated but there are strong hints that if we stray back into the world of recession, which would be a triple dip, that rating would be lowered by at least one notch to the current French level.