Summary: European Financial Stability Facility Jan 11
Standard & Poors, January 2011
Abstract
The rating on the European Financial Stability Facility (EFSF) reflects Standard & Poor's Ratings Services' view that unconditional, irrevocable, and timely guarantees from EFSF members that it rates 'AAA' ('AAA' guarantees) and liquidity reserves invested in 'AAA' rated securities should cover all of EFSF's potential liabilities. EFSF is a supranational entity incorporated in Luxembourg whose mandate is to provide loans to eurozone member countries facing difficulties in accessing capital markets. EFSF will extend such loans under individual Loan Facility Agreements with the borrowing eurozone members. Financing for the loans will come from the proceeds of EFSF's issuance of bonds, notes, commercial paper, debt securities, or other financing arrangements (which we together refer to as "Funding Instruments"), backed by 'AAA' guarantees...
Companies mentioned in this report are:
- European Financial Stability Facility
- Austria (Republic of)
- European Union
- Finland (Republic of)
- France (Republic of) (Unsolicited Ratings)
- Spain (Kingdom of)
- Germany (Federal Republic of) (Unsolicited Ratings)
- Belgium (Kingdom of) (Unsolicited Ratings)
- Italy (Republic of) (Unsolicited Ratings)
- Ireland (Republic of)
- Netherlands (The) (State of) (Unsolicited Ratings)
- Portugal (Republic of)
- Greece (Hellenic Republic)
- Luxembourg (Grand Duchy of)
- Cyprus (Republic of)
- Slovak Republic
- Malta (Republic of)
- Slovenia (Republic of)
- Italy
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
- European Financial Stability Facility
- Austria (Republic of)
- European Union
- Finland (Republic of)
- France (Republic of) (Unsolicited Ratings)
- Spain (Kingdom of)
- Germany (Federal Republic of) (Unsolicited Ratings)
- Belgium (Kingdom of) (Unsolicited Ratings)
- Italy (Republic of) (Unsolicited Ratings)
- Ireland (Republic of)
- Netherlands (The) (State of) (Unsolicited Ratings)
- Portugal (Republic of)
- Greece (Hellenic Republic)
- Luxembourg (Grand Duchy of)
- Cyprus (Republic of)
- Slovak Republic
- Malta (Republic of)
- Slovenia (Republic of)
- Italy
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