PGNiG terminates deal with S&P

State-run natural gas group Polskie Górnictwo Naftowe i Gazownictwo (PGNiG) has terminated its contract with Standard & Poor's Ratings Services (S&P), consequently, the agency will withdraw the firm's rating. Since November 28, 2012 28 PGNiG's rating issued by S&P stood at BBB- with a stable prospect. At the same time, PGNiG and its bonds will continue to be rated by Moody's. Just a few days ago, PKO BP announced that S&P withdrew its credit rating, as the bank does not plan to issue any bonds on international markets, "in particular in the United States".  Paweł Borys, the managing director, emphasized that the decision "has nothing to do with last week's downgrading of Poland's rating [by S&P]".