And Here's the ECB's Shot Back at Moody's

The ECB wasn't about to let Moody's scuttle their bailout of the EU, so they did what any person or organization with unlimited funds would do, change the rules in the middle of the game. From the ECB:

"The Governing Council of the European Central Bank (ECB) has decided to suspend the application of the minimum credit rating threshold in the collateral eligibility requirements for the purposes of the Eurosystem’s credit operations in the case of marketable debt instruments issued or guaranteed by the Portuguese government. This suspension will be maintained until further notice... The suspension applies to all outstanding and new marketable debt instruments issued or guaranteed by the Portuguese government."