ECB loosens collateral rules to accept non-investment grade bonds as collateral

I posted a heads up yesterday on pressure on the European Central Bank t

• Investors count on radical ECB action to head off Italy crisis

A step in that direction from the Bank reported via the FT again:

European Central Bank has changed its rules to accept "fallen angel" bonds that lose their investment grade credit rating to maintain banks' access to its ultra-cheap liquidity during the coronavirus crisis.

move was approved by an unscheduled call of the ECB's governing council on Wednesday

Details at the Financial Times article, link is here (may be gated)

• ECB loosens collateral rules to accept 'fallen angel' bonds