The French government’s measures to ensure a more moderate rate of spending growth than in the past are insufficient to achieve a sustainably lower public debt ratio. France’s fiscal metrics therefore remain broadly aligned with an Aa2 rating, rather than a higher rating.

The operating profitability of Renault S.A.’s core automotive segment is likely to weaken further in 2020 after eroding sharply over the last two years amid declining sales volumes, rising R&D expenses and higher raw material costs. Renault’s weakening operating performance prompted us to downgrade the company’s long-term ratings to Ba1 from Baa3 on 18 February. The outlook is stable.

Global investment banks are deploying their tremendous financial resources to fend off fresh competition from fintech companies. The banks’ responses to our survey show they are alert to the threat of new entrants disintermediating their revenue streams, are enhancing their technology platforms, and have the scale, talent and capital to compete in an increasingly digital marketplace.

In our new report, The State of the Mexican Consumer, we discuss how households in Mexico are unlikely to ramp up spending this year amid low credit availability. Also, consumer confidence in future economic conditions is declining, while employment growth remains sluggish.