PARIS (AP) — France’s principal credit rating was downgraded again today by Standard & Poor’s, which said the country has limited ability to get its public finances in shape and make its economy more competitive.

The agency lowered France’s long-term foreign and local currency sovereign credit ratings one notch to AA from AA+. However, the outlook for the rating is “stable,” meaning no further changes are expected in the near term.

Since taking office in 2012, President Francois Hollande has passed some economic reforms, such as making the labor market more flexible and changing the pension system, but many economists say the changes are too incremental to improve the situation.

S&P said those reforms would likely be “insufficient to significantly unlock France’s economic growth potential.”

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