After Moody's downgraded France's sovereign credit rating over the weekend, the cost of using Credit Default Swaps (CDS) to insure French government debt against default has slightly increased. An Analyst from UniCredit Research stated in a report: 'French government Bonds may face pressure, although we believe that the deterioration in ratings has already been reflected in the prices.' Moody's rating for France is currently aligned with those of S&P and Fitch, which should limit the significant deterioration of French bond spreads. According to data from S&P Global Market Intelligence, the five-year sovereign CDS for France rose to 37 basis points, reaching the high point touched on December 5.