Based on EFSF’s current structure, were we to lower one or more of the current ’AAA’ ratings on EFSF’s guarantor members, all else being equal, we would lower the issuer and issue ratings on EFSF to the lowest sovereign rating on members currently rated ‘AAA’.

S&P Shakes Downgrade Stick at EFSF Bonds - MarketBeat - WSJ

This is going to happen on Monday, is my guess. And it’s arguably more consequential for the future of the eurozone than the downgrade of France.

Source: The Wall Street Journal

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