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Egan-Jones Cuts Credit Rating of France

Thursday, 14 Jun 2012 | 6:45 PM ET

Again overseas economic woes have taken a swipe at a European nation.

On Thursday, ratings agency Egan-Jones cut its rating on France to BBB+ from A.

“As the crisis evolves, we expect that France will be pressured,” says Egan.

Egan believes newly elected president Francois Hollande “will be under pressure to keep campaign promises," which include hiring 60,000 school staff and creating 150,000 state-aided jobs.

And Egan says, “ultimately it will hurt credit quality.”

Hear what Egan says about Greece as well as why funding costs for Spain may be the canary in the coal mine. Watch the video now!

Egan-Jones Downgrades France
Egan-Jones cites the deterioration of surrounding EU countries' financials affecting France, with Sean Egan, Egan-Jones founder.

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Trader disclosure: On June 14, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Joe Terranova is long NXPI; Joe Terranova is long LPX; Joe Terranova is long SNDK; Joe Terranova is long IBM; Joe Terranova is long HYG; Joe Terranova is long VRTS; Joe Terranova is long MCD; Joe Terranova is long PNC; Joe Terranova is long USB; Joe Terranova is long TCBI; Joe Terranova is long SBUX; Joe Terranova is long WMB; Joe Terranova is long SJM; Joe Terranova is long UPL; Joe Terranova is long WFM; Joe Terranova is long AAPL; Joe Terranova is long EMC; Joe Terranova is long CNX; Tim Seymour is long BAC; Tim Seymour is long INTC ; Karen Finerman is long M; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is short SPY; Karen Finerman is short IWM; Karen Finerman is short MDY; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Stephen Weiss is long QCOM; Stephen Weiss is long VZ; Stephen Weiss is long T; Stephen Weiss is long BCE; Stephen Weiss is long VOD; Stephen Weiss is long MDRX; Stephen Weiss is long HK; Stephen Weiss is short JCP

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