00:00It was really surprising, honestly. I don't see any reason why S&P shouldn't have waited for its next regular review, which is scheduled to be in one month's time.
00:08So it was really surprising, the timing, but the downgrade was pretty expected given the political deadlock that we see in France, which threatens the fiscal consolidation next year.
00:20In terms of what happens next, we're now looking forward to what we're going to see Friday. Is there anything between now and then that we are going to get from the French government that will avoid another downgrade?
00:35I mean, a downgrade from Moody's is a key risk for the French situation, but I don't see any new events from today until Friday that could trigger a surprising move from Moody's.
00:47The downgrade, the cut from Moody's is expected as well, but there is nothing specific scheduled on the agenda that could trigger something like ahead of the rating review scheduled on Friday.
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