French rating cut prompts EFSF to postpone euro offering

11/20/2012 | International Financing Review (free content)

The European Financial Stability Facility had planned to issue a three-year euro benchmark bond this week but has put its plan on hold after Moody's Investors Service downgraded France's credit rating. "The timing of the EFSF three-year euro offering is currently subject to a technical issue related to EFSF's Deeds of Guarantee," Chief Financial Officer and Deputy CEO Christophe Frankel said. "EFSF will look to bring its new three-year euro benchmark offering once the issuer is able to satisfy the Deeds of Guarantee language."

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