Rating Agencies Affirm France's AAA Credit

 　　The three major credit rating agencies have affirmed France's AAA rating even as the country's borrowing costs are increasing.

　　Standard & Poor's, Moody's Investors¹ Service and Fitch Ratings all said Wednesday they are maintaining the country's top credit standing². The statements by the credit rating agencies came as worries mounted that France could be the latest European nation overwhelmed by the continent's debt contagion³ and that its credit could be downgraded, just as Standard & Poor's last week cut the U.S. AAA rating to AA+.

　　As their worries mounted, investors staged a broad sell-off on the main Paris stock exchange, with stocks down 5.5 percent for the day.

　　The French government's borrowing costs are increasing. The interest rates on its borrowing are now nearly a full percentage point higher than for similar loans for Germany, Europe's biggest economy, even though both countries have AAA credit ratings.

　　French President Nicolas Sarkozy cut short his Riviera vacation to return to Paris for a cabinet meeting on the perilous⁴ financial conditions engulfing⁵ Europe and concerns about the French government's budget deficits⁷.

　　Sarkozy's office said that he would make new budget decisions by August 24, with the government pledging to adopt tax increases and spending cuts.

　　Some economists⁸ say France was too optimistic in assuming a 2 percent growth rate for its economy in this year's budget. If the economy does not advance at that pace, its tax collections would be reduced, hurting the country's chances of reducing its budget deficit⁶.

　　France is aiming for a deficit of 5.7 percent of the country's economic output this year, reducing that to 4.6 percent in 2012 and to the European Union limit of 3 percent in 2013.

1 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

2 standing   

n.持续，地位；adj.永久的，不动的，直立的，不流动的

参考例句：

• After the earthquake only a few houses were left standing.地震过后只有几幢房屋还立着。
• They're standing out against any change in the law.他们坚决反对对法律做任何修改。

3 contagion   

n.(通过接触的疾病)传染；蔓延

参考例句：

• A contagion of fear swept through the crowd.一种恐惧感在人群中迅速蔓延开。
• The product contagion effect has numerous implications for marketing managers and retailers.产品传染效应对市场营销管理者和零售商都有很多的启示。

4 perilous   

adj.危险的，冒险的

参考例句：

• The journey through the jungle was perilous.穿过丛林的旅行充满了危险。
• We have been carried in safety through a perilous crisis.历经一连串危机，我们如今已安然无恙。

5 engulfing   

adj.吞噬的v.吞没，包住( engulf的现在分词 )

参考例句：

• A photographer had fused the lights,engulfing the entire house darkness. 一位摄影师把电灯的保险丝烧断了，使整栋房子陷于黑暗当中。 来自《简明英汉词典》
• A professional photographer had fused the lights,engulfing the entire house in darkness. 一位职业摄影师把保险丝烧断了使整所房子陷于黑暗当中。 来自辞典例句

6 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

7 deficits   

n.不足额( deficit的名词复数 )；赤字；亏空；亏损

参考例句：

• The Ministry of Finance consistently overestimated its budget deficits. 财政部一贯高估预算赤字。 来自《简明英汉词典》
• Many of the world's farmers are also incurring economic deficits. 世界上许多农民还在遭受经济上的亏损。 来自辞典例句

8 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》