Poland's pension overhaul neutral for its creditworthiness-Moody's

WARSAW, Sept 5 Thu Sep 5, 2013 3:10am EDT

WARSAW, Sept 5 (Reuters) - Poland's overhaul of its pension system that will include a transfer of bond holdings of private pension funds to the state does not have a significant effect on its creditworthiness, Moody's Investors Service said on Thursday.

"On balance, the proposed changes do not fundamentally alter our views on the sovereign's creditworthiness," the rating agency said.

"Nevertheless, the fiscal impact is likely to be positive as it implies a reduction of debt metrics, granting more fiscal space with respect to the country's fiscal and debt rules," it said in a statement.

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Comments (1)
ejhickey wrote:
sad story

Sep 06, 2013 11:17pm EDT  --  Report as abuse
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California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

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