Fitch downgrades EFSF to AA+ from AAA

FXstreet.com (Córdoba) - Fitch Ratings has downgraded the European Financial Stability Facility (EFSF) rating to 'AA+' from 'AAA', with Stable Outlook.

The rating actions were prompted by Fitch's downgrade of France last Friday as EFSF's ratings rely on the irrevocable and unconditional guarantees and over-guarantees provided by euro areas member states (EAMS).

"Following the downgrade of France's IDR, the EFSF's long-term debt issues are not fully covered by 'AAA' guarantees and over-guarantees and, for debt issued before October 2011, by the cash reserve", said Fitch in a statement.