The U.S.-based credit rating agency, Fitch Ratings, on Friday, lowered France’s outlook on debt rating to negative.

"Fitch Ratings has revised the Outlook on France's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from Stable and affirmed the IDR at 'AA,'" the agency said in a statement on its website.

"Deterioration of France's public finance metrics will happen in the context of already high debt levels in comparison with rating peers, limited progress in fiscal consolidation since the global financial crisis, and moderate real economic growth," Fitch added.

"The revision of the Outlook reflects the substantial worsening in public finances and economic activity expected this year due to the COVID-19 pandemic," the agency said.