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European Stability Mechanism (ESM) and European Financial Stability Facility (EFSF) take note of the decision by Moody's to change both entities' long-term rating from Aaa to Aa1. Moody's decision follows the recent change of France's long term rating from Aaa to Aa1. ESM and EFSF continue to be assigned the best possible long-term by Fitch (AAA) and the best and short-term credit rating by Fitch and Moody’s. This underlines ESM's uniquely robust capital structure and the solidity of EFSF. Klaus Regling, Managing Director of the ESM and CEO of EFSF said: “Moody's rating decision is difficult to understand. We disagree with the rating agency's approach which does not sufficiently acknowledge ESM's exceptionally strong institutional framework, political commitment and capital structure."...
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