OVERVIEW Following changes to key institutions after last year's parliamentary election, concerns remain about the independence of the National Bank of Poland (NBP), among other factors. However, we note Poland's relatively moderate external financing needs and strong growth potential. We are affirming our long- and short-term foreign currency sovereign credit rating on Poland at 'BBB+/A-2' and our long- and short-term term local currency sovereign credit ratings at 'A-/A-2'. The negative outlook reflects our view that there is at least a one-in-three likelihood that we could lower the ratings within the next 18 months if monetary policy credibility is undermined or if public finances deteriorate beyond our current expectations. RATING ACTION On July 1, 2016, S&P Global Ratings affirmed its long-
