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Fitch maintains Poland’s ratings, predicts 3.9% growth in 2011


Fitch, the international credit rating agency, has affirmed Poland’s long-term foreign currency debt rating at A- and its long-term national debt rating at A with a stable outlook. The ratings of the country’s short-term debt have also been upheld at F2 and AA-, respectively.

Ed Parker, head of Emerging Europe Sovereigns at Fitch, said the ratings were supported by the country’s strong economic performance, macroeconomic stability, credible monetary policy, considerable fiscal flexibility, relatively strong banking sector and political stability. However, there is growing concern about the direction of Poland’s public finances, and failure to implement lasting fiscal consolidation might result in a downgrade, he said.

Fitch forecasts that GDP growth in Poland will accelerate to 3.9% this year and to 4.3% in 2012, from 3.8% in 2010.

The general government deficit is projected to narrow to 5.8% of GDP this year and to 4% in 2012, from an estimated 7.9% in 2010.

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