The credit ratings agency Standard & Poor's has downgraded the EU bailout fund to
AA+ from AAA. The European Financial Stability Facility's (EFSF) rating is based on
the ratings of the countries that guarantee it. S&P's downgrade of France and Austria
on Friday meant there were not enough AAA rated guarantors for the fund to maintain
its top rating. The move came as pressure mounted on Greece to break a deadlock in
debt swap talks if it is to avoid an unruly default. The EU is currently looking for
more investor support to bolster the bailout fund.