Fitch warned that France’s debt outlook is worsening, projecting debt to reach 124% of GDP by 2028 amid weak growth. Moody’s kept its Aa3 rating unchanged. Despite a recent rally that narrowed the French-German bond spread, fiscal concerns and budget challenges persist. Credit ratings agency Fitch on Friday revised France's outlook to "negative" from "stable", warning that deteriorating fiscal conditions and political fragmentation are undermining debt stabilization prospects.