Fitch Ratings has changed internal regulations on assigning credit ratings to issuers. Introduced changes concern among others:
- assigning credit ratings for short term liabilities in local currency (previously agency published merely rating for long term liabilities in local currency, from now on Fitch will be assigning also short term rating in local currency);
- unifying credit ratings for long term liabilities in local and foreign currency (previously these two ratings could differ, from now on they should be at the same level).
On July 22, 2016 Fitch announced that above mentioned changes will lead to Poland's rating revision. As a consequence of unifying long term ratings in local and foreign currency previous rating of Poland for long term liabilities in local currency has been changed from A to A-. Agency assigned Poland for the first time short term rating in local currency at the level of F1 (one notch higher than analogous short term rating in foreign currency).
Above changes have exclusively technical nature. They result from periodic review of methodology made by Fitch and do not stem from fundamental assessment of Poland's creditworthiness. Adjusting rating's level for liabilities in local and foreign currency apply to a number of sovereign issuers.
Rating scale as well as deadlines of rating actions remain unchanged.