November 8, 2013 / 7:21 AM / 4 years ago

French OAT futures fall after S&P ratings downgrade

LONDON, Nov 8 (Reuters) - French bonds fell on Friday after Standard & Poor’s ratings agency lowered France’s long-term credit ratings by one notch, saying that government reforms will not substantially raise its medium-term growth prospects.

The move took its sovereign rating to AA from AA+.

French OAT futures were 18 ticks lower at 134.41. German Bund futures were steady at 141.82, having rallied in the previous session after a surprise rate cut by the European Central Bank.

One trader said French bonds were reacting to the downgrade but added: “I don’t know if it will have a huge impact, based on when we’ve had previous downgrades.”

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