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Impact on EFSF from euro zone downgrades being assessed - S&P
Workers maintain the huge Euro logo in front of the headquarters of the European Central Bank (ECB) in Frankfurt, December 6, 2011.
Credit: Reuters/Ralph Orlowski/Files
BRUSSELS |
BRUSSELS (Reuters) - Standard & Poor's is assessing what the impact of euro zone sovereign downgrades will be on the EFSF bailout fund and will publish its view shortly, its euro zone credit analyst said on Saturday.
"The EFSF has been placed on credit watch, together with some other multilateral European institutions ... in early December," Mauritz Kraemer told a conference call held a day after S&P downgrade nine of the euro zone's 17 member states, including formerly AAA-rated France and Austria.
"We are in the process of evaluating what the impact of the sovereign downgrades is on those institutions and we will publish our opinion very shortly."
The EFSF, set up in May 2010 and used to bail out Ireland and Portugal, is a 440-billion-euro facility that relies on guarantees from euro zone members, principally those rated AAA.
(Writing by Luke Baker; editing by Robin Emmott)
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