After Moody's Investors Service cut Portugal's credit rating to junk and warned that Portugal may require a second bailout, the cost of insuring Portuguese governmental debt hit a record high today.

According to Markit, the data provider, the spread on five year Portuguese Credit Default Swaps (CDS) widened from 768 basis points to 850 basis points yesterday, meaning that it would cost annually about $850,000 to insure $10 million of Portuguese governmental debt for five years. Italian and Spanish CDS spreads also widened, as Italy's spread widened to reach 220 basis points and Spain's spread widened reaching 297 basis points.