Since winning the election in October 2015, Poland?s new government has initiated various legislative measures that we consider weaken the independence and effectiveness of key institutions, as reflected in our institutional assessment. We have therefore lowered our long-term foreign currency sovereign credit rating on Poland to 'BBB+' from 'A-' and our long- and short-term term local currency sovereign credit ratings to 'A-/A-2' from 'A/A-1'. 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 24 months if monetary policy credibility is undermined or if public finances deteriorate beyond our current expectations. On Jan. 15, 2016, Standard&Poor's Ratings Services lowered its long-term foreign currency sovereign credit
