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European Financial Stability Facility (EFSF) downgraded to AA+
Standard & Poor's announced that it had downgraded the long-term sovereign debt credit ratings of nine European countries on January 13, 2012. This action was predicated on the view that policy initiatives taken by European policymakers in recent weeks may be insufficient to fully address ongoing systemic stresses in the Eurozone. S&P further rated the outlook, of 14 of the 16 Eurozone sovereign entities as "negative."
S&P followed up its action of January 13, 2012 with another announcement on January 16, 2012 downgrading long-term ratings of the European Financial Stability Facility (EFSF) to AA+. The rationale was that 2 of the guarantors, France and Austria had lost their previous AAA ratings. S&P's assessment of the EFSF's short-term debt was, however, reconfirmed at A-1+.2 Appendix A lists the ratings and outlook classifications for the affected Eurozone countries.
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