S&P raises rating outlook on France in boost to Hollande

France's President Francois Hollande holds a news conference during a European Union leaders summit in Brussels, Belgium, October 21, 2016. REUTERS/Francois Lenoir

PARIS (Reuters) - S&P raised its outlook on France's "AA" long-term sovereign credit rating to "stable" from "negative", citing labour and tax reforms introduced in the last two years, in a boost to President Francois Hollande's Socialist government.

In the first positive rating action for France since the loss of its triple-A in 2012, the U.S. rating agency said the reforms carried out since Hollande's pro-business U-turn in 2013 should boost job creation, competitiveness and public finances.