"One day you’re cock of the walk, the next a feather duster," goes the old adage. But for the Gallic rooster, thoroughly ruffled by ratings agency Standard & Poor’s last week, perhaps it’s better to have your feathers put out every now and then.

France today saw its cost of borrowing fall, despite having seen its prized triple-A credit rating cut to double-A plus by S&P, after its first debt sale following last week's downgrade.