Chillin' out till it needs to be funded
EFSF saved itself as one of the two underlying AAA ratings fell in the S&P re-rating. The S&P announcement is still not up but the French Finance Minister confirmed the downgrade has indeed happened. EFSF may still be re-rated along with Austria, Belgium and Italy on ratings watch and waiting for the announcement.
The German Bunds yields fell sharply correcting their own loss of credit strength since last November when Italy and Spain joined the bailout queue and German financing could not take the pressure of a Europe going thru a large scale financial crisis and European banks led by French banks paid for derating of European Sovereigns.