The Eurozone was dealt a fresh blow as Moody's Investors Service downgraded the region's rescue funds and unemployment hit a new record high. Moody's has cut its top ratings on the two euro rescue funds - the European Stability Mechanism (ESM) and the European Financial Stability Facility (EFSF) - by one notch. It has also continued to maintain a negative outlook. Earlier, France lost its triple-A debt rating due to risk to economic growth posed by the country's continued structural economic challenges. France is the second largest contributor to the two entities' financial resources. It acts as a provider of callable capital for the ESM and as a guarantor country for the EFSF. Germany is the la rgest backer of the schemes, and its credit rating remains at Aaa, despite a recent review by Moody's. The ESM and EFSF are crucial mechanisms for the rescue plan for the Eurozone, routing aid from Europe's wealthy countries to the crisis-stricken governments and banks of Greece, Spain, Portugal and Ireland.