0:41 28 January 2022
Credit rating agencies starting to lose patience with Poland
"The announcements of the European Commission about the possibility of suspending the payment of financing for Poland are negative for the credit profile," wrote the Moody's agency.
This means more expensive debt, a weaker zloty, and a lot of problems with maintaining economic growth.
"The deepening dispute with the EU is negative for Poland's credit profile, as it may threaten to limit access to much more financing in the future, and may also weaken investor sentiment, which in both cases could affect Poland's economic growth prospects from 2023," we read further.
As it was added, the amount of penalties imposed on Poland by the CJEU is "relatively low". As of today, it is about PLN 670 million, of which PLN 292 million are penalties for Turów and the remaining amount for the functioning of the Disciplinary Chamber of the Supreme Court. Every day these amounts increase by €0.5 million and €1 million, respectively. According to Moody's, the possibility of withholding all payments to Poland is much more dangerous than the penalties themselves.
The day before, the Fitch agency also wrote critically about the conflict with the European Commission.
