PKO BP has terminated its contract with rating agency Standard and Poor's, Poland's biggest bank by assets announced on January 19. The announcement from the state-controlled lender came days after S&P downgraded Poland's sovereign rating from A- to BBB+. PKO insists its decision to end the contract has nothing to do with the downgrade of the sovereign, which in a novel twist was primarily a result of negative assessment of the Polish government's recent moves to consolidate power via the constitutional court and state media. PKO claimed in a statement that the move is part of an effort to reduce operational costs, which is important in "the environment of low interest rates and regulatory changes". The government has pushed through a bank tax that will place a 0.44% levy on assets from next month.