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At the same time, Fitch affirmed the EFSF's short term rating is unchanged at the highest possible level of F1+.
The rating action follows and reflects Fitch downgrading EFSF guarantor France on 28 April 2023 by one notch to AA- from AA.
EFSF continues to be assigned the best possible long-term rating by Moody’s (Aaa) while Standard & Poor’s rates the institution AA.
The EFSF is the predecessor of the European Stability Mechanism (ESM). The EFSF still issues bonds as part of rollover management of existing loans but cannot provide new loans since the creation of the ESM.