Polish Rating Cut for First Time as S&P Warns on Power Grab
- Cut follows erosion of Poland's checks and balances, S&P says
- S&P foresees reversal of `sound macroeconomic management'
This article is for subscribers only.
Poland had its rating downgraded by one of the three major credit assessors for the first time as Standard & Poor’s warned that policies of the new government are imperiling the nation’s institutions.
The company cut Poland’s debt grade to BBB+, the third-lowest investment level, in the first rating move for the country since 2007, according to a statement issued on Friday. The country’s outlook is negative, meaning there’s at least a one-in-three chance of another cut over the next 24 months. Fitch Ratings affirmed its A- rating in a separate assessment.