Many of the European papers report on credit rating agency Standard & Poor's decision to downgrade the EU's bailout fund from AAA to AA+.
BBC News says that the European financial stability facility's rating is based on the ratings of the countries that guarantee it.
There are no longer enough AAA rated guarantors for the bailout fund after France and Austria were downgraded last week, it adds.
However, the Independent says that France still maintains its AAA status with the ratings agency Moody's.
It also points out that Paris yesterday issued €8.6bn of new short term bonds, which sold strongly, indicating confidence in French debt.
The Wall Street Journal says that internal market commissioner Michel Barnier has criticised Standard and Poor's downgrading of nine eurozone states at a time when those governments are working to restore stability.
The paper says that Barnier still expects confidence to return to the eurozone shortly following the implementation of financial reforms, saying, "This is not a crisis of the euro… The euro is here to stay."
