HALISTER1: Citigroup Expects S&P to Leave Polish Rating Unchanged on Friday

Citigroup Expects S&P to Leave Polish Rating Unchanged on Friday

(Bloomberg) -- Recent developments including Brexit “are not enough to justify the second downgrade” to Poland’s rating, Piotr Kalisz and Cezary Chrapek, economists at Citigroup’s Bank Handlowy in Warsaw, say in e-mailed note.
  • “Erosion of institutional checks and balances” in Poland didn’t worsen since Jan. downgrade; “Very little” change to economic, political factors watched by S&P
  • Risks to central bank independence raised by S&P in Jan. “diminished significantly over recent months”
  • Polish govt’s ability to fund borrowing needs after Brexit “should be unaffected, at least in the near term”
  • NOTE: S&P to publish review of Polish rating on Friday; in Jan., the company downgraded Poland one notch to BBB+ with negative outlook
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Cezary Chrapek (Bank Handlowy w Warszawie SA)
Piotr Kalisz (Bank Handlowy w Warszawie SA)

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