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In wake of downgrade, France says it won't change course, just needs time to get results

France's government is shrugging off the latest downgrade of its credit rating, saying it just needs time for reforms to the indebted economy to take root.

Moody's Investors Service stripped Europe's No. 2 economy it of its prized AAA credit rating on Monday due to concerns over its prospects for economic growth and its exposure to Europe's financial crisis. The Standard & Poor's agency also downgraded the country in January.

Finance Minister Pierre Moscovici insisted on Tuesday that France's credit rating remains strong and that the government's plan to reduce unemployment and restore growth would bear fruit.

France's Socialist government has vowed to slash the deficit and promised companies €20 billion ($25 billion) in tax rebates.

Moscovici told the economic community: "Judge us on our results."