Credit agency ratings ‘are bogus, nonsense’ – Kaczyński

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The chairman of Poland’s ruling political party, PiS, has commented on the recent international credit agency ratings of Poland. While speaking in an interview with the television station TVP-3 on Sunday, Jarosław Kaczyński said that in some cases, the rating agency’s assessments were not fairly based, and that they focused too much on alleged non-democratic reforms carried out by his party. “I think the rating agencies, a year ago, [had] a bit of confusion […] just rated [based on] all the stories about the threat of democracy in Poland, or the threat of a market economy, [which] are simply bogus, that it is nonsense. Because it is nonsense. They finally have to work (…) in a way that realistically assess the situation,” said Kaczyński during the interview.

On Saturday, Fitch rating agency had announced that it was maintaining its “stable” credit rating of the country (of A – ). Meanwhile, Moody’s did not upgrade its rating. Prior to the PiS party taking power late in 2015, both agencies had given Poland the highest credit rating possible. However, they downgraded the rating one notch in early in 2016 after the new government introduced a larger-than-usual budget deficit and also began to try to weaken one of the country’s democratic institutions, the Constitutional Court. After the government attempted to crack down on the media in December, the agencies maintained their lowered ratings. Kaczyński stated, however, that Poland’s current economic and political state reflected a stability that should elevate it in the eyes of the agencies.

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