LOL

The promise to pay that is fabricated from other promises to pay is downgraded by S&P. Where is the Alexander that can cut this gordian knot?

LONDON—Standard & Poor's Corp. Tuesday said it placed the long-term
credit rating of the European Financial Stability Facility, or EFSF,
on credit watch negative.

This follows the placement on watch negative of the six European
sovereigns that guarantee its financial obligations. The six
sovereigns are triple-A rated Austria, Finland, France, Germany,
Luxembourg and The Netherlands.

Standard & Poor's could downgrade the EFSF by one or two notches
depending on the outcome of its review on the EFSF member sovereigns.
The rating will likely be the same as the lowest issuer rating, unless
further credit enhancements are put in place. If this is the case,
Standard & Poor's could affirm the EFSF triple-A rating on the basis
that these compensate the reduced creditworthiness of its guarantors