The credit ratings agency Standard & Poor's (S&P) has downgraded the EU bailout fund to AA+ from AAA. The European Financial Stability Facility's (EFSF) rating is based on the ratings of the countries that guarantee it. S&P's downgrade of France and Austria on Friday meant there were not enough AAA rated guarantors for the fund to maintain its top rating.The downgrade could affect the EFSF's ability to raise money cheaply. S&P said the EFSF could regain its AAA rating if it obtained additional guarantees. Alternatively, the fund could be endowed with less money, which would be better guaranteed.Earlier in the day, another ratings agency, Moody's said it would allow France to maintain its AAA rating for now although it warned that the deterioration in France's debt position was putting pressure on the country's stable outlook. S&P cut its ratings for France, Italy, Spain, Cyprus, Portugal, Austria, Slovakia, Slovenia and Malta late on Friday.