Leading credit rating agencies have reaffirmed the top rating of the European Union's bailout fund, the European Financial Stability Facility said in a statement on Saturday. Standard & Poor's confirmed the fund's credit rating at 'AAA'; Moody's rated it at '(P)Aaa' and Fitch Ratings gave a triple A rating to the fund.
The three agencies' short term rating for the EFSF were 'A-1+' by Standard & Poor's; '(P)P-1' by Moody's and 'F1+' by Fitch Ratings, the fund said. "Confirmation of the highest possible credit rating shows the confidence in the strategy of the euro area to restore financial stability. The amendments to the EFSF will allow it to contribute in more ways to implement this strategy," EFSF chief executive Klaus Regling said in the statement. The fund's strategy will become "more flexible and diversified" as a result of potential increased funding volumes that may arise alongside its new tasks, the statement said.
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