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December 2, 2012
15:11 EDTMoody's downgrades EFSF and ESM, citing recent downgrade of France
Moody's Investors Service has downgraded the long-term issuer rating of the European Stability Mechanism, ESM, to Aa1 from Aaa, and is maintaining a negative outlook on the rating. At the same time, Moody's has also downgraded the provisional long-term rating for the Issuer Rating and debt issuance programme of the European Financial Stability Facility, EFSF, to (P)Aa1 from P(Aaa), and is also maintaining a negative outlook. The short-term issuer rating of the ESM remains unchanged at Prime-1, while the provisional short-term rating of the EFSF remains at (P)Prime-1. Moody's decision was driven by the recent downgrade of France to Aa1 from Aaa and the high correlation in credit risk which Moody's believes is present among the ESFS' and ESM's entities' largest financial supporters. Reference Link
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