Rating agencies: between conflicts of interest and self-fulfilling prophecy

Watch out, here comes the economic bogeyman again. Even more than in other years, the country's economic and political elites are anxiously awaiting the verdict of the rating agencies , starting with that of Fitch, which is due this Friday, September 12.

This launch of the ratings season comes in the midst of a period of political and social instability, just at the time of the crossover between the resignation of the Bayrou government and the appointment of his successor at Matignon, Sébastien Lecornu , and between the blockages of the movement of September 10 and the inter-union day of mobilizations on the 18th. "On the (financial) markets, we call it the calendar of fear," summarized the liberal daily La Tribune on September 8.

At the forefront of the fears being raised is the government's financial rating, which Fitch could downgrade this Friday evening, dropping it from the AA "high or good quality" group to the A "upper average quality" group. A year ago, the agency had already indicated that a downgrade would be considered in the event of "an inability to implement a plan...