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S&P confirms Poland’s A- rating with stable outlook

Justin Lane/PAP/EPA

Global ratings agency S&P has confirmed Poland’s long-term A- rating in foreign currencies with a stable outlook, the agency said in a Friday statement.

The A grade is the third from the top in a ten-level scale used by S&P.

According to S&P, the military conflict between Russia and Ukraine will have a significant impact on Poland’s economy and public finance.

As a result of this, S&P has trimmed its GDP growth forecast for Poland to 3.6 percent from 5.0 in 2022 and is expecting a higher general government deficit this year, at 4 percent of GDP versus 3 percent predicted earlier.

The effects of the shock triggered by the war can be mitigated by the government’s flexible policy, strong external and budget balance sheets and significant EU transfers, according to the agency.

Both Fitch and S&P have given Poland the A- rating, whereas Moody’s assessment of A2 is the highest among the three biggest global ratings agencies.

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