Rating agency Standard & Poor's said it has downgraded the credit-worthiness of the
eurozone's bailout fund by one notch to AA+.
The downgrade, which
follows ratings cuts for AAA-rated France and Austria , could hurt the European Financial Stability Facility's ability to raise cheap bailout money.
While most euro countries guarantee the bonds issued by the EFSF, its rating depends on the AAA-countries. The remaining four do not make up enough guarantees to secure the fund's 440 billion lending capacity.
S&P said it could upgrade the EFSF back to AAA, if the eurozone offers new credit enhancements.
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