A rating agency’s warning about the country’s ballooning debt comes as the prime minister tries to push an austerity budget through a divided Parliament.

France's belt-tightening budget is meant to regain control over its "colossal" debt burden, Finance Minister Antoine Armand said on Friday, adding that the government was keeping a close eye on the views of financial markets.

The French government is seeking deep spending cuts and higher taxes in an effort to tame its ballooning debt and deficit.