OREANDA-NEWS. Corporate And Government Ratings: Methodology And Assumptions," published Nov. 19, 2013, on RatingsDirect). In our view, France's institutional and financial framework does not enable us to rate any French LRGs above the sovereign.

Moreover, we might consider a negative rating action over the next 24 months if, in accordance with our downside scenario, the city posted structurally declining budgetary performance. This would likely trigger a downward assessment of our view of Paris' financial management. However, we now view such a scenario as unlikely given the improvement we now foresee as of 2018 inour base case.

We could revise the outlook on Paris to stable if we revised the outlook on France to stable and the city continued to perform in line with our base-case scenario over the next 24 months.