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Moody's cuts Poland's ratings on deteriorating fiscal strength
Credit ratings agency Moody’s downgraded Poland’s sovereign rating to “A3” from “A2” on Friday, citing sustained deterioration in the country’s fiscal strength. Poland continues to finance major defence, infrastructure and social spending programmes while maintaining some of the highest fiscal deficits in the European Union. “Large fiscal deficits have led to a material increase in the government debt burden and, together with rising funding costs, have weakened debt affordability metrics,” Moody’s said. Finance Minister Andrzej Domanski said while presenting the draft budget in late August th...
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