NEW YORK--(BUSINESS WIRE)--Since returning to power in 2015, Poland’s governing Law and Justice Party (PiS) has adopted an increasingly illiberal and nationalistic stance that has not gone unnoticed in the corridors of Europe. This is not a trend unique to Poland. However, Poland’s experiences stand out for the extent to which it has pushed the boundaries of the rule of law and tested the European Commission.
This macro-market report discusses recent developments between the commission and Poland over the latter’s infringements on rule of law. The evolution of this conflict is critical to Kroll Bond Rating Agency’s (KBRA) analysis of Poland given the role of direct EU support (structural funding amounts to approximately 3% of GDP per year) that could potentially be threatened, and the importance of that metric in underlying the country’s attractiveness as an investment destination. KBRA’s baseline scenario is that a compromise between the commission and Poland will be achieved.
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Kroll Bond Rating Agency, Inc. is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, Kroll Bond Rating Agency, Inc. is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.