On the sidelines of a Fitch seminar the head of EMEA sovereign rating at Fitch, Ed Parker, told Reuters that the agency might not downgrade France even though they placed the nation on negative watch.

Ed Parker said that he did not expect the downgrade for France this year based on some of the current economic and fiscal trends in France.

Nevertheless, the good news did not continue from the agency where to the contrary it raised the alarm for France where the head of Global Sovereign Ratings David Riley said that there remains a significant chance for a rating downgrade for Italy with the absence of a credible financial firewall around Europe.