Tags: EU | Europe | bailout | fund

Fitch Downgrades European Rescue Loan Fund

Monday, 15 Jul 2013 02:06 PM

Fitch Ratings has cut its credit grade for the European fund that provides rescue loans to Greece, Ireland and Portugal.

The agency says it lowered the rating for the European Financial Stability Facility by one notch from AAA to AA+ as a result of its downgrade of France last week. The EFSF's creditworthiness depends on that of the countries that provide its financing, which includes France.

Monday's downgrade of the EFSF means the fund could have to pay higher interest rates to raise money. Fitch's rivals Standard & Poor's and Moody's have already downgraded it.

The EFSF has been taken over by a new, permanent bailout fund, the European Stability Mechanism. However, it still manages the rescue loans to Greece, Ireland and Portugal.

© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
1Like our page
2Share
Markets
Fitch Ratings has cut its credit grade for the European fund that provides rescue loans to Greece, Ireland and Portugal.
EU,Europe,bailout,fund
123
2013-06-15
Monday, 15 Jul 2013 02:06 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved