Jean-Claud Juncker, current Prime Minister of Luxembourg and the President of the Eurogroup highlighted in a statement that although the European Financial Stability Facility (EFSF) continues to be assigned the best possible credit rating by Moody’s (Aaa) and Fitch (AAA), it is need to investigate the Standard and Poor's to downgrade its credit rating from AAA to AA+.

The President of the Eurogroup and current Prime Minister of Luxembourg Jean-Claud Juncker, highlighted in a statement that the Eurogroup takes note and will examine the consequences of the decision announced by Standard and Poor's to downgrade the credit rating of the European Financial Stability Facility (EFSF) from AAA to AA+. This follows from the rating action of 13 January 2013 that concerned a group of euro area Member States. On the other hand, he underlined the solidity of this mechanism because it continues to be assigned the best possible credit rating by Moody’s (Aaa) and Fitch (AAA).

According to Mr Juncker, S&P's decision will not reduce EFSF’s lending capacity of €440 billion. He also added that the EFSF has sufficient means to fulfill its commitments under current and potential future adjustment programmes and will continue to be backed by unconditional and irrevocable guarantees by euro area Member States. The reform of this mechanism is one of the economic governance measures adopted last year.

The European Financial Stability Facility (EFSF) was created by the euro area Member States following the decisions taken on 9 May 2010 within the framework of the Ecofin Council. The EFSF’s mandate is to safeguard financial stability in Europe by providing financial assistance to euro area Member States.