Credit rating agency Moody's announced on Saturday that it was cutting France's rating to "Aa3" from "Aa2" with a stable outlook, citing concerns over "political fragmentation." Traders have reacted negatively to the downgrade,

The action, which will put pressure on the nation’s borrowing costs, reflects doubt that a new government can mend the deteriorating financial situation.

The yield on 10-year French debt rose to more than 3%, on the first trading day after the credit rating agency unexpectedly cut France's debt rating. View on euronews