Eurozone bailout fund downgraded by S&P

RATING agency Standard & Poor’s has downgraded the creditworthiness of the eurozone’s bailout fund by one notch to AA+.

It comes as European leaders try to rescue under-fire efforts to deliver new fiscal rules and cut Greece’s debt burden as investors ignore S&P’s eurozone downgrades.

The downgrade, which follows ratings cuts for AAA-rated France and Austria, could hurt the European Financial Stability Facility’s ability to raise cheap bailout money.