ECB takes steps to steps to mitigate impact of possible ratings downgrades

ECB statement
the ECB is out with a statement saying:
The concern is that and an Italian debt downgrade may fall below the threshold set by the ECB for collateral purposes.  This provisions allows for the ability by the ECB to continue to buy Italian debt (even if it is junk status) and continue the smooth pumping of liquidity into the markets/banks  (subject