PAR has no consent to operate

The European Securities and Markets Authority (ESMA) refused to include the Polish Credit Rating Agency (PAR) on the list of credit rating agencies. The reason for the refusal was the fear of political independence. Lack of ESMA's consent means that PAR will not be able to operate. Yet, it is unofficially known that the Polish agency will apply for the license again.
Back in 2016, when the idea of establishing a state credit rating agency was in its infancy, Business Insider Polska drew attention to some concerns related to the independence of the new institution. Today, these doubts are also shared by ESMA.
(Business Insider)