Global rating agency Standard & Poor has confirmed Poland’s long-term A- rating in foreign currencies with a stable outlook. The A grade is the third from the top in a ten-level scale used by the agency.
According to S&P’s statement, 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 the 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 per cent of GDP versus 3 per cent 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 rating agencies.
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