Standard & Poor's downgrades the EU's crisis fund Monday, 16 January 2012
The credit rating agency Standard & Poor's downgrades EU crisis fund EFSF with one step.
According to the Institute, the fund's credit rating is now AA +.
AdvertisementThe deterioration in the grade will be an issue for the Fund when it attempt to borrow money to help the problem countries. The downgrade was expected since nine euro area countries last Friday had their own credit ratings lowered by Standard & Poor's.
Now it's only four euro area countries with the highest AAA rating and Finland is one of them, the only Scandinavian country that adopted the euro. The European Central Bank chief Mario Draghi said that the emergency fund now need more money, but the fund manager Klaus Regling believes its borrowing capacity has not become worse.
By Scancomark.se Team
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