Resolves YES if, on or before 23:59:59 on December 31, 2027 (Paris time), any of the following occurs for the sovereign “French Republic”:
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)