The European Financial Stability Facility said it delayed a sale of three-year euro benchmark bonds after France was downgraded by Moody’s Investors Service.
The transaction was pulled because the EFSF’s so-called deeds of guarantee require new bond issues to be covered by member states with ratings similar or better than the facility’s own grade, the European Union’s temporary bailout fund said in an e-mailed statement. EFSF’s bonds declined.
