KLAUS Regling, who heads up the European Financial Stability Facility, said the Standard & Poor’s downgrade of the bailout fund will not impact on it.
France, which lost its AAA rating last week, is a also guarantor of the fund leaving it with just one country with a top rating supporting it – Germany.
"As long as it is only one rating agency there is no need to do anything really," Mr Regling said on a trip to Singapore to meet investors, according to wire service Reuters.
“You had the same situation when S&P downgraded the US. The others did not follow. There was no market impact.”
He said the EFSF has had no difficulty finding funding,
However, he admitted that Asian investors were not as keen about the fund more recently.
They took up about 25pc of a recent issuance, a drop from about 40pc in an earlier one.
"We have to see whether it was an outlier or a new trend," he said in a reference to the weaker demand.