Noyer Says Moody’s Reasoning Wrong in France Rating Downgrade
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French central bank Governor Christian Noyer said Moody’s Investors Service was wrong in its reasoning for revoking the nation’s top credit rating last week.
Moody’s made a “factual mistake” in judging France’s exposure to peripheral countries in Europe and the country has substantially reduced risks, Noyer said today at a press briefing in Hong Kong. Noyer said the ratings company also made a “serious misconception” in its opinion that France doesn’t have access to a national central bank to assist in case of a market disruption.