While France faces the prospect of losing its AAA credit rating, likely from S&P first, the CDS market has already marked down its view of France’s creditworthiness. The cost of insuring French debt is more expensive than the following countries and I include their S&P FX credit rating: Brazil (BBB), Chile (A+), China (A+), Columbia (BBB-), Czech Republic (A+), Indonesia (BB+), Japan (AA-), Malaysia (A-), Mexico (BBB), New Zealand (AA), Panama (BBB-), Peru (BBB-), Philippines (BB+), South Africa (A-), South Korea (A) and Thailand (BBB+).
