This might actually help them. They were restricted from issuing new debt
http://www.efsf.europa.eu/mediacentr...d.htm?lang=-enEFSF’s initial plan to issue a 3-year benchmark bond last week was postponed due to last week’s rating action by Moody’s which reduced France’s long-term debt rating from Aaa to Aa1. EFSF’s Deeds of Guarantee require that EFSF’s new issues, at the date of the issue, are covered 100% by guarantees of Member States with a rating, by each of the credit rating agencies, similar or better than the EFSF’s own rating. As a consequence of Moody’s rating decision on France, EFSF’s new long-term issuances (currently rated Aaa by Moody’s) would no longer satisfy this criteria.