S&P applauds French reform proposals as it maintains its rating.

S&P has reiterated France's AA+ rating and its negative outlook, and warned that the government is likely to miss its 2013 deficit target of 3%, forecasting that the gap is likely to be 3.5%. However, S&P applauded the government's reform proposals, saying they will "improve the country's growth potential." S&P's action - or lack thereof - follows this week's downgrade from Moody's, which is more skeptical about France