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S&P maintains Poland’s ratings with stable outlook


2011-08-04



Standard & Poor’s (S&P), the international credit ratings agency, has affirmed Poland’s sovereign debt ratings with a stable outlook. In a statement, S&P said the country’s ratings were supported by its opinion "of Poland's competitive and increasingly diversified economy and comparatively strong GDP per capita growth of around 4%", and constrained by the agency’s perception of "its relatively high and rising levels of government debt and the still-large role of the public sector in the economy".

At the same time, S&P noted the ratings might be lowered if the government did not accelerate fiscal consolidation measures after the October parliamentary elections. Another source of downside risk are Poland’s considerable and persisting external imbalances.

S&P expects investment, and particularly infrastructure projects, to provide an important growth supporting factor in the medium term. Nevertheless, it predicts that GDP growth will slow somewhat from 2013 onwards as the government implements deeper public spending cuts to meet the convergence criteria, with negative implications for investment and household demand.

According to S&P, in 2012 Poland’s fiscal deficit will amount to 3.5% of GDP.

S&P’s ratings for Poland are: A- for long-term foreign currency debt, A-2 for short-term foreign currency debt, A for long-term local currency debt, and A-1 for short-term local currency debt.



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