“…the constraints of a relatively high public debt burden, reduced external competitiveness and persistent high unemployment are being aggravated in our view by the ongoing eurozone crisis, a more protracted recession across Europe, and lower domestic growth prospects”, S&P said in its press-release.

“We consider that this economic environment, including the persistence of low interest rates, will put pressure on domestic revenue growth for French banks in 2013-2014,” the agency added.