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Newsweek Polska - Poland | Monday, January 18, 2016

S&P downgrade bad news for Poland

US rating agency Standard & Poor's lowered Poland's credit rating on Friday saying that the government's recent reforms had weakened the independence of state institutions. The liberal Newsweek magazine warns Warsaw not to downplay the significance of the downgrade: "[Standard & Poor's] was the first agency to downgrade the US [in 2011]. And to this day it has kept that rating. And the Fed as well as others simply laughed back then. Like our Finance Ministry now, they claimed it was a mistake. But after a certain amount of time the other agencies are likely to follow suit. The lower credit rating of the US is still having a major impact on its economy. Denying reality doesn't help. Poland has lost the trust of the capital markets for the first time since democracy was reintroduced."

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