They cry crocodile tears over stuff that has at best a tenuous relationship to Poland's creditworthiness. S&P is very concerned that "a law that moves the power to appoint the management and supervisory board of public broadcasters to the Treasury Ministry significantly weakens the independence of these institutions and has the potential to make them political instruments . . . ."
Far from this being an action taken based on any legit concern for the quality of Polish debt, it's retaliation against "Poland's new Eurosceptic government [for comparing] the EU and Merkel to Nazis."
An outrageous comparison!
S&P can next concern themselves with German debt in view of its
- demonstrated hostility to free speech;
- injection of parasitic foreigners who will be an immense burden on public finances;
- policies that reward foreign parasites who come to Germany to cash in;
- police concealment of massive incidents of sexual assault;
- granting "special rights for Muslims everywhere in Germany such as the recognition of polygamy;
- press enforcing a "a de facto ban on criticism of Islam;
- requiring Christian crucifixes to be taken down so as not to offend Muslims;
- politicians having deceived the people on the health of their pension system;
- giving away of expensive, subsidized alternative energy to neighboring countries, free of charge and at peak times ;
- imposing of speech bans and enshrining of PC nonsense in its school books;
- police withholding from the public information on skin color, country of origin and other typical means of identification;
- prosecution of citizens for defaming the dead; and
- conspiring with Facebook, Google, and Twitter to censor "offensive" content.
- new media law giving "the government extensive powers to appoint and control the directors and supervisory boards of public broadcasters";
- changes to the "composition and decision-making process" of Poland's constitutional court, and
- the termination of contracts of "all current senior, career civil servants" and removal of "a constraint regarding previous party membership, therefore enabling the new government to change the structure of the civil service.
What bearing any of the three objections have on something to do with the creditworthiness of Poland is anybody's guess.
The real issue is stated aptly by Tyler Durden:
. . . S&P is now nothing more than a lackey for Brussels, threatening to send Polish yields higher if Poland does not fall in line.Oppose the E.U. at your own risk.
 "S&P Enters The Latest European Scandal: Downgrades Poland From A- To BBB+." By Tyler Durden, Zero Hedge, 1/15/16.