ENGLISH SECTION: EFSF statement following Fitch Ratings’ decision to downgrade its long-term rating

The European Financial Stability Facility (EFSF) takes note of the decision by Fitch Ratings to downgrade the EFSF’s long-term rating by one notch to A+ from AA-.

At the same time, Fitch affirmed the EFSF’s short-term rating is unchanged at the highest possible level of F1+.

The rating action follows and reflects Fitch downgrading EFSF guarantor France on 12 September 2025 by one notch to A+, from AA-.

The EFSF continues to be assigned the best possible long-term rating by Moody’s (Aaa) while Standard & Poor’s rates the institution AA-.

The EFSF is the predecessor of the European Stability Mechanism (ESM). The EFSF still issues bonds as part of rollover management of existing loans but cannot provide new loans since the creation of the ESM.