The European Financial Stability Facility (EFSF) takes note of the decision by Standard & Poor’s Global Ratings to downgrade the EFSF’s long-term rating by one notch to A+ from AA-.
The rating action follows and reflects Standard & Poor’s Global Ratings downgrading EFSF guarantor France on 17 October 2025 by one notch to A+ (stable outlook), from AA- (negative outlook).
The EFSF continues to be assigned the best possible long-term rating by Moody’s (Aaa) while Fitch rates the institution A+.
The credit rating of the European Stability Mechanism (ESM) remains unchanged at AAA.
The EFSF is the predecessor of the 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.
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