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Moody's rates European Stability bond Aa1
Moody's Investors Service said it assigned an Aa1 long-term rating to the first €7 billion five-year 1.25% benchmark bond of the European Stability Mechanism (ESM).
The rating is in line with the ESM's Aa1 issuer rating, which has a negative outlook.
Moody's said the Aa1 rating is based on (a) the ESM's anticipated low leverage; (b) the creditworthiness of the ESM's members, which are also the euro area member states; (c) the strong liquidity and capital management policy, with an Early Warning System, which ensures that funds will be available on time; and (d) the ESM's preferred creditor status.
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