Socialist Francois Hollande swept to victory in France’s presidential election yesterday in a swing to the left at the heart of Europe that could start a pushback against German-led austerity.

Hollande beat conservative incumbent Nicolas Sarkozy by a decisive 51.9% to 48.1%, based on partial results, bringing the centre-left back to government after a decade in opposition.

S&P: No immediate election impact on France rating

Socialist challenger Francois Hollande's victory over French President Nicolas Sarkozy in Sunday's presidential runoff has no immediate impact on France's AA plus credit rating or negative outlook, Standard & Poor's Ratings services said Monday.

The ratings firm, which stripped France of its AAA rating earlier this year, said it continues to see a one-in-three chance that France's long-term rating could be lowered again this year or in 2013.

S&P said it "takes no political position regarding individual candidates or the outcome of any elections," but noted that "the policies of a country's government have a direct bearing on its creditworthiness."

S&P said it will "analyze the policy choices of France's president-elect and the new government, taking into account the outcome of the parliamentary elections in June."