Belka: Moody's decision is not dramatic for Poland

"Moody's final decision on reducing Poland's ratings will not result in any potential drama," proclaimed Marek Belka, Head of National Bank of Poland, during the RPP conference. According to Belka, any downgrade or change in outlook without switching the category would not be a positive factor, but it would also not be devastating due to the stable and sustainable Polish economy. On Monday, rating agency Moody's warned Poland is facing heightened political risk as a result of its constitutional crisis, triggered by a struggle over the appointment of Constitutional Court judges and by controversial new legislation that limits the Court’s powers. "These developments may impair Poland’s attractiveness for foreign investors," it said in a report.