European Financial Stability Fund Downgrade
Published / Last Updated on 16/01/2012
European Financial Stability Fund Downgrade.
Standard & Poor’s (S&P’s) has downgraded the credit rating of the European Financial Stability Facility (EFSF), the eurozone’s rescue fund from AAA to AA+.
The rating agency put the EFSF’s credit rating on “credit watch” in December and stated it would amend it in line with the findings of its review of eurozone members.
This follows S&P downgraded 9 eurozone members on Friday. S&P have advised that there is a 1-in-3 chance it will downgrade France and Austria again in either 2012 or 2013.