Baku - APA-Economics. The Standard and Poor’s ratings agency downgraded the EU bailout fund EFSF by one notch to AA+ but said it would restore the top AAA ranking if the fund obtains additional guarantees, AFP reported.
The decision was the result of downgrades to France’s and Austria’s ratings from AAA since they served as top-level guarantors of the European Financial Stability Facility, S&P said in a statement.
The eurozone’s temporary bailout fund uses guarantees from its top-rated members to borrow funds at low rates on the market to loan onwards to countries which can no longer borrow on their own at affordable rates.
S&P’s downgrade of France and Austria to AA+ deprived the eurozone of two of the six triple-A countries that had underpinned the EFSF’s top rating.
The EFSF, which started off with borrowing power of 440 billion euros, has 250 billion euros left following rescues of Portugal and Ireland.
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