We consider polarization-squeezed (PS) light generation in anisotropic Kerr medium. The fluctuations of the Stokes parameter either S2 or S3 are suppressed in PS light. We show the possibility to transform PS light into light with sub-Poissonian statistics by linear conversion (phase plate and analyser). The quantum properties of the second harmonic (SH) generated by frequency doubling of the PS light are investigated.