European Financial Stability Facility (EFSF) has been given AAA status by the agencies

The credit rating agencies are giving the EFSF, which is nothing other than a bailout machine, their highest credit rating.  It is overcollaterized by 20% and have strong shareholder (i.e.Germany and France) support.  The only weakness with this idea is that Brussels would only intervene if it weren't already burning.  With already very high debt levels, it would make additional support difficult, especially if it had a Portugal and Spain under its belt too.  Via EFSF:

All three major credit rating agencies have today assigned the best possible credit rating - Standard & Poor’s “AAA”, Moody’s “Aaa” and Fitch Ratings “AAA” - to the European Financial Stability Facility’s (EFSF) bond issuance programme.

According to the three CRAs, the top rating reflects the strong shareholder support and credit enhancements such as a 120% over-guarantee and cash buffer. Following the announcement by the rating agencies, Klaus Regling, EFSF’s CEO commented “we are very pleased with the confirmation of the top credit ratings from all three agencies which underlines the solidity of the EFSF name. We expect investor interest to be high as our debut issue provides a good opportunity for investors to diversify into a new supranational and liquid asset”. In September 2010 all three agencies assigned an initial triple A rating to the EFSF as an issuer.

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