Bloomberg reports the European nation is the most likely country to be affected by the move as it is more expensive to insure against default than other governments such as Thailand, Japan and Mexico.
Paul Donovan, deputy head of global economics at UBS AG - which has head offices in Switzerland as well as other sites in cities such as New York, Chicago and London - said France is not a AAA country in his view.
The industry figure explained: "France can't print its own money, a critical distinction from the US. It is not treated as AAA by the markets."
Marco Valli, chief euro-area economist at UniCredit Global questioned whether France could still be considered a core country following the difficulties Italy and Spain have endured of late.
By Claire Archer