S&P downgrades Poland to BBB+

Standard & Poor's said it lowered its long-term foreign currency sovereign credit rating on the Republic of Poland to BBB+ from A- and its long- and short-term local currency sovereign credit ratings to A-/A-2 from A/A-1.

The short-term foreign currency sovereign credit rating was affirmed at A-2.

The outlook is negative.

The agency also revised its transfer and convertibility (T&C) assessment on Poland to A from AA-.

S&P said the downgrade reflects its view that Poland's system of institutional checks and balances has been eroded significantly as the independence and effectiveness of key institutions, such as the constitutional court and public broadcasting, is being weakened by various legislative measures initiated since the October 2015 election.

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