Euro's emergency fund now downgraded!

"The EFSF's obligations are no longer fully supported either by guarantees from EFSF members rated AAA by S&P, or by AAA rated securities," the company said. "Credit enhancements sufficient to offset what we view as the reduced creditworthiness of guarantors are currently not in place."

S&P removed the ratings on the facility from CreditWatch with negative implications, it also said.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/01/16/bloomberg_articlesLXWLSO6KLVR401-LXWM3.DTL#ixzz1jeUyuf4C