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Poland's sovereign rating affirmed at A-, outlook stable

Wyślij Print Pobierz added: Marek Kubel-Grabau | 2015-09-28 00:12:44
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Poland had its sovereign credit rating affirmed at A-, with stable outlook by Fitch Ratings

Poland had its sovereign credit rating affirmed at A-, with stable outlook by Fitch Ratings, the agency said in a statement.

The agency said that Poland's 'A-' rating primarily reflects its strong macroeconomic performance, including the sound economic policy, good GDP growth and stable economic and financial environment. Fitch also said that the rating is constrained by low GDP per capita and a high level of external debt relative to peers.

“Real GDP growth accelerated markedly, to 3.4% in 2014 from 1.7% in 2013, driven by domestic demand in a context of low inflation (+0.0% in 2014), declining unemployment (8.2% at end-2014 from 10% at end-2013) and favorable financing conditions (main policy rate down to 1.5% in March 2015)”, the agency said.

Fitch expects GDP growth to remain favorable in 2015-2017, at 3.5% on average. Domestic demand will be the main driver. According to the agency Polish exports will benefit from the recovery in eurozone GDP growth (1.6% by 2017 from 0.8% in 2014).

Poland has had an 'A-' rating since 2007, the outlook has been stable. A July interview with Fitch Polska head Piotr Kowalski suggested no changes to the Polish rating was expected.

Moody's rating for Poland has stayed at A2 since 2002.

In February, S&P revised the outlook for Poland's A- foreign currency credit rating to positive.

Source: The Warsaw Voice