Moody's cuts AAA rating of ESM rescue fund

Moody's cuts AAA rating of ESM rescue fund

Moody’s cut the AAA rating of the European Stability Mechanism euro rescue fund on Friday by one notch and gave it a negative outlook, citing its earlier downgrade of key ESM backer France.

The French downgrade on November 19 “reflects the rating agency’s view that there has been a marginal diminution in the certainty that the sovereign will fulfill its financial obligations” including its commitment to support the ESM.

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