Macron re-election has no immediate effect on France's credit rating: S&P

Although the still-divided political landscape could see economic reforms watered down, S&P Global said

French President Emmanuel Macron's re-election has no immediate effect on the country's "AA" sovereign credit score, S&P Global said on Monday, although the still-divided political landscape could see economic reforms watered down.

"We believe President Macron's economic policy plans will depend on his party, La République en marche, securing a parliamentary majority following the legislative elections on June 12 and 19, 2022," S&P said in a research note.

"Implementation risks related to political fragmentation or policy complacency are not negligible. Moreover, strong opposition to reform proposals, as demonstrated by the pension reform strike in 2019-2020, might delay or water down execution."

(Reporting by Marc Jones, editing by Karin Strohecker)