Standard and Poor's cut its long-term foreign currency sovereign credit rating on the Republic of Poland to 'BBB plus' from 'A minus', citing the legislative measures taken by the new government since October 2015.

The outlook on Poland is negative, the ratings agency said.

"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," S&P said.