News Summary: France says it needs more time

Associated Press

C'EST LA VIE: France's government has shrugged off the latest downgrade of its credit rating, saying Tuesday that it just needs time for reforms to the sluggish economy to take root.

GETTING MOODY: Moody's Investors Service stripped Europe's No. 2 economy of it of its AAA credit rating Monday on concerns that its rigid labor market and exposure to Europe's financial crisis threaten economic growth.

COMING ALONG? President Francois Hollande's administration has laid out a series of deficit-reduction targets, vowing to bring France in line with European rules next year.

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