Standard & Poor's, in a press release, reaffirmed its ratings on France, at AA+ for long-term sovereign debt, and A-1+ for the short-term variety. It cited the government's continuing commitment to "budgetary and structural reforms that would build on measures it has proposed so far to improve the country's growth potential" as the key reason for its action.

Despite the optimism, the agency's outlook remains negative. This indicates that there is a one in three chance, at a minimum, that S&P will lower its ratings at some point next year.

Still, the reaffirmation can be seen as a victory for Francois Hollande's administration, which was recently hit with a downgrade on its government bonds from S&P's rival agency Moody's (NYSE:MCO). That company shaved its rating from the former Aaa (negative), to Aa1 (negative).

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