-> ,validPeriod= 1 -> After the third night of Friday to Saturday agency Moody's published assessment, which shows that the agency kept the Polish debt rating at A2 / P-1, but changed the outlook from stable to negative. Among the reasons for such an assessment agency mentioned, among others, Fiscal risks associated with a significant increase in current expenditure, as well as the government's intention to reduce the retirement age. "That was only the prospect of reduced credit rating Polish, not the rating, is a huge plus for Polish" - said Chief Investment House analyst Piotr Kuczynski Xelion. He pointed out that Standard & amp; Poor's valued Polish rating by two levels lower than Moody's, Fitch and one level below. "The natural tendency of the agency, with the big three, was such that even a little bit closer to the opponents, rivals, and this is not done," - said Kuczynski. According to Kuczynski reduction by Moody's rating outlook is right. "From the beginning I said that he should do it, because of what awaits us in the next year, when it comes to state finances. It may be this big problem" - he added. With a colleague chief economist of BZ WBK Maciej Reluga said that "given the methodology of Moody's, there is nothing surprising." "I expected that the prospect will be reduced," - he said. In his opinion, the reasons for which it has been reduced prospect for Polish, are quite clear. "The first is the risk of any adverse fiscal developments, increased spending and reduced fiscal consolidation in the future compared to previous plans. There is a risk of a negative impact on the banking sector of any proposal for the so-called. The problem francs, and something that is related and part of the fiscal, but also with the potential GDP growth in the future, it is a proposal (lower) retirement age "- explained Reluga. "In all these three aspects of the information is not too much. New proposals Franks does not, the law on retirement age is discussed, it is not known what will be the shape, the government wants to keep the deficit below 3 per cent., But not known whether he succeeds (...) so it is a huge area of uncertainty "- he stressed. According to Relugi important it is that the next revision of Moody's will be in September. "Today, Moody's says outlook change to negative and I think that is quite clear on what we should see in the coming months to assess what will be the next step," - said the economist. In the opinion Relugi the perception of the Polish economy will be affected by those aspects that affect the evaluation of the Agency Moody's. "If someone is investing in the Polish market, bonds and gold, it's probably thinking about the same things over which reflects Moody's - what will be the retirement age, what will be the budget and what will frankowiczami" - he explained. Chief Economist of ING Bank Slaski Rafał Benecki said that Moody's assessment of a "Solomonic solution". Reducing the agency only perspective and leaving unchanged the rating is "delivering critical commentary." "This all gives room for improvement for politicians, provided of course that it will withdraw some promises and solutions" - rated. Benecki pointed out that - according to him - the reason for the reduction is not only "institutional issues, which pretty much followed the S & amp; P, but also paid attention to issues of fiscal and deterioration of here." Therefore, this assessment is fuller - he noted. "Moody's went a step further, because the earlier comments talked about the risks, and now it is said that, however, Moody's expects a deficit higher than 3 per cent. Of GDP, provided that no action will be taken," - he said. "These are the things repairable, in particular those issues on the fiscal side, only need eg. Distribution of some of the promises, or withdraw from certain. They require a solution that will not cause that these costs will suddenly accumulated in a very short time, "- said Benecki. He added that in his opinion, gold and bond have the chance to "strengthen slightly" because - as justified 'expectations for the rating cut was pretty big. " However, it is uncertain whether it will permanently strengthening - summed economist at ING Bank Slaski. Civil Development Forum on Saturday sent PAP rated comment that a change in Polish rating outlook to negative is a warning signal to the government. "From Andrew Duda won the presidential election in May 2015, investors began to reckon with the realization dangerous for the economy demands PiS. The effects of growing since then anxiety can be seen among others in weaker quotations of gold relative to other currencies in the region, weak results Polish exchange against other European exchanges, rising costs of insurance Polish debt (...), Polish downgrade by S & amp; P in January 2016. " - Written. (PAP) Subscribe to digital Electoral available through the internet, phone, tablet and eReader from 19.90 per month
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