The international ratings agency Standard and Poors has again lowered French Polynesia's credit rating.
This comes amid fiscal pressures in a deteriorating economy and amid institutional problems as the government is largely paralysed because of unstable coalitions.
The publisher of the Tahiti Pacifique monthly, Alex du Prel, says the decline has been dramatic.
"We used to be AAA, then we went to AAA-. Then we went to BBB+ and now it's BBB-"