S&P cuts France's credit rating to "AA-" from "AA"

PARIS, June 1 (Xinhua) -- Standard & Poor's (S&P) on Friday cut its long-term sovereign credit ratings on France to "AA-" from "AA" over the increasing budget deficit, making it the second of the three major world rating agencies to do so.

"The downgrade reflects our projection that, contrary to our previous expectations, France's general government debt as a share of GDP will increase as a result of larger-than