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RATINGS: S&P Move EFSF To Outlook Negative, Following Same For France

RATINGS
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Late on Tuesday S&P affirmed the European Financial Stability Fund (EFSF) at AA- and changed the outlook to negative from stable.

  • This was a mechanical reaction to their outlook change on the French sovereign credit rating on Friday (also to AA-; Outlook Stable).
  • S&P noted that they “base the outlook revision primarily on our negative outlook on France, and the resulting possibility that coverage of EFSF's liabilities by guarantors rated 'AA-' or above could fall below 100% within the next 18-24 months”.
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Late on Tuesday S&P affirmed the European Financial Stability Fund (EFSF) at AA- and changed the outlook to negative from stable.

  • This was a mechanical reaction to their outlook change on the French sovereign credit rating on Friday (also to AA-; Outlook Stable).
  • S&P noted that they “base the outlook revision primarily on our negative outlook on France, and the resulting possibility that coverage of EFSF's liabilities by guarantors rated 'AA-' or above could fall below 100% within the next 18-24 months”.