International credit rating agency Moody’s has lowered its outlook on the euro zone's bailout fund from “stable” to “negative.”

Moody’s move on Tuesday to downgrade the European Financial Stability Fund came a day after the rating agency lowered its outlooks for Germany, the Netherlands and Luxembourg, which are major guarantors of the fund.

Moody’s said its slashed outlook on the bailout mechanism reflected the changes in outlooks on the three euro zone countries.

Moody’s, meanwhile, maintained the fund’s credit rating at triple-A.