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March 24, 2023

EU rescue fund gets top rating hat trick boost

The eurozone’s rescue fund said on Saturday that triple-As from all three rating agencies should encourage investors to back the bloc’s strategy but warned the debt crisis could take three years to solve, bangkokpost.com re­ports. The across-the-board AAA rating came a day after the European Financial Stability Facility (EFSF) chief Klaus Regling was in Beijing courting Chinese investment to support the crucial bailout fund. The highest possible rating was confirmed on the basis of amendments decided in July that took effect on October 18, bringing the fund’s lending ca­pacity to EUR 440 bln, with a guaranteed commitment of  EUR 780bln, EFSF said in a statement. The three agencies “affirmed the best possible credit rating,” meaning AAA for S&P and Fitch and (P)Aaa for Moody’s, the statement said two days after EU leaders decided in marathon talks on a complex plan to get Greece’s debt under control and strengthen EU banks.

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