Standard & Poor’s raised French Polynesia’s long-term credit rating to A+ on June 16, 2026, the territory’s highest mark since it entered the ratings process in 2000, according to a statement from the French Polynesian presidency.
The move lifts the Pacific territory—an overseas collectivity of France—to the same S&P rating level as mainland France, ending 26 years of swings that at one point pushed its debt into speculative-grade territory.
French Polynesia was first rated A- in 2000. It had never reached A+ before this latest upgrade.
How French Polynesia climbed back from a speculative-grade low
The path to A+ has been uneven. The territory’s rating began sliding in 2006 and hit its low point in 2015 at BB+, a speculative-grade level.
From there, S&P upgraded French Polynesia in steps: back to A- in 2018, then to A in 2024, and now to A+ in 2026.
S&P cites budget reforms and political stability
In explaining the upgrade, S&P pointed to two main drivers, according to the presidency’s statement. First, the effective implementation of reforms tied to the territory’s public finance code. Second, political stability that allows those reforms to be carried out over time.
“This progress marks the culmination of a long recovery,” the presidency’s statement said.
Matching France comes with a built-in ceiling—and a risk
With the A+ rating, French Polynesia now sits at the same level as mainland France on S&P’s scale. That alignment also creates a mechanical link: any downgrade of France’s sovereign rating would immediately and identically affect French Polynesia’s rating, with no way for the territory to be insulated.
Likewise, any further upgrade for French Polynesia would be impossible unless mainland France itself moves higher.
Ratings timeline since 2000
The table below summarizes key milestones in S&P’s long-term rating history for French Polynesia since it joined the process.
| Year | S&P rating (long term) |
|---|---|
| 2000 | A- |
| 2015 | BB+ (low point) |
| 2018 | A- |
| 2024 | A |
| 2026 | A+ |
Source: Tahiti Infos
What S&P highlighted a year earlier
In June 2025, S&P had reaffirmed French Polynesia’s A rating with a stable outlook, pointing to rigorous financial management, the territory’s tax autonomy, and support from the French state through the Agence française de développement, France’s public development finance institution.
The A+ upgrade a year later reflects conditions S&P had previously laid out: growth in tax revenues, reduced off-balance-sheet risks, and stronger accounting practices—particularly in monitoring the territory’s satellite entities.
Sources
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