(MENAFN) Moody's, the ratings agency, said that it lowered the European Stability Mechanism's (ESM) long-term debt rating to Aa1 from AAA, with its outlook remaining negative, reported AP.
The move comes as the agency has previously cut ratings of France, which guarantees a sizable part of the USD615 billion-bailout fund.
The ESM, which continues to be assigned a top-notch long-term rating by Fitch, is one of the euro region's main tools in fighting off its debt crisis.
It is worth noting that both Moody's and Fitch assigned an AAA evaluation for the ESM's short-term credit rating.
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