Fitch Ratings on Wednesday followed Moody's in warning France that could be at risk of losing its top credit rating.

The French top AAA rating would be at risk if the debt crisis continued to worsen and resulted in a deeper economic downturn. The rating agency also said that France might need to adopt more consolidation measures to reach its 3.0% deficit target to the GDP by 2013 as they project the deficit to be around 4.0%.

Nevertheless, despite the issued warning they still said that the rating is protected by now underpinned by a high-value added and diverse economy, broad and stable tax base and its commitment to deficit reduction and stabilising, and eventually reducing, public debt.