Resolution criteria

• Resolves YES if one of the below happens for France:

  • The ISDA Credit Derivatives Determinations Committee publicly rules a sovereign Credit Event (Failure to Pay, Repudiation/Moratorium, or Restructuring). Source: ISDA DC portal and ISDA sovereign credit‑event definitions. [cdsdeterminationscommittees.org], [isda.org] (isda.org)

  • S&P Global Ratings assigns France an issuer credit rating of SD (Selective Default) or D. Definitions: S&P/Taiwan Ratings. [taiwanratings.com] (taiwanratings.com)

  • Fitch Ratings assigns France an Issuer Default Rating of RD (Restricted Default) or D. Definitions: Fitch Ratings. [your.fitchratings.com] (your.fitchratings.com)

• Notes/edges: Temporary administrative/payment delays cured within the contractual grace period do not count. Voluntary exchanges that are not deemed “distressed” (no S&P SD/D, no Fitch RD/D, no ISDA Restructuring) do not count. Defaults by state‑owned enterprises or sub‑sovereigns do not count.